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(U2) Bearish Outlook

COPPER TECHS
Metals bulletMetals Technical Analysismarkets-real-timeCommoditiesBullet
  • RES 4: $458.55 - High Jun 3 and a key resistance
  • RES 3: $429.35 - 50-day EMA
  • RES 2: $414.08 - 20-day EMA
  • RES 1: $404.40 - Low May 12
  • PRICE: $376.10 @ 13:37 BST Jun 27
  • SUP 1: $364.15 - Low Jun 24
  • SUP 2: $357.38 - 1.236 proj of Apr 18 - May 12 - Jun 3 price swing
  • SUP 3: $350.60 - 50.0% of the Mar ‘20 - Mar ‘22 rally (cont)
  • SUP 4: $345.00 - Low Dec 10 2020 (cont)

Copper futures traded lower last week. The bearish price action and acceleration of the downtrend has resulted in a break of $404.40, May 12 low, and support around the $400.00 handle. The clear break strengthens short bearish conditions and also potentially highlights a more significant medium-term reversal. The focus is on $350.60, a Fibonacci retracement. Initial firm resistance is seen at $414.08, the 20-day EMA.

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  • RES 4: $458.55 - High Jun 3 and a key resistance
  • RES 3: $429.35 - 50-day EMA
  • RES 2: $414.08 - 20-day EMA
  • RES 1: $404.40 - Low May 12
  • PRICE: $376.10 @ 13:37 BST Jun 27
  • SUP 1: $364.15 - Low Jun 24
  • SUP 2: $357.38 - 1.236 proj of Apr 18 - May 12 - Jun 3 price swing
  • SUP 3: $350.60 - 50.0% of the Mar ‘20 - Mar ‘22 rally (cont)
  • SUP 4: $345.00 - Low Dec 10 2020 (cont)

Copper futures traded lower last week. The bearish price action and acceleration of the downtrend has resulted in a break of $404.40, May 12 low, and support around the $400.00 handle. The clear break strengthens short bearish conditions and also potentially highlights a more significant medium-term reversal. The focus is on $350.60, a Fibonacci retracement. Initial firm resistance is seen at $414.08, the 20-day EMA.