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(U2) Challenging $400.00

COPPER TECHS
  • RES 4: $474.15 - High Apr 21
  • RES 3: $458.55 - High Jun 3 and a key resistance
  • RES 2: $436.72 - 50-day EMA
  • RES 1: $427.87 - 20-day EMA
  • PRICE: $398.95 @ 13:25 BST Jun 20
  • SUP 1: $396.02 - 0.764 proj of Apr 18 - May 12 - Jun 3 price swing
  • SUP 2: $386.79 - 38.2% retrace of the 2020 - 2022 bull run ((cont)
  • SUP 3: $376.70 - 0.10 proj of Apr 18 - May 12 - Jun 3 price swing
  • SUP 4: $357.38 - 1.236 proj of Apr 18 - May 12 - Jun 3 price swing

Copper futures appear vulnerable following the move lower last week and the extension of the current bear leg that started Jun 3. The contract is challenging key support around the $400.00 level. A clear break of this support would strengthen short bearish conditions but also potentially highlight a more significant medium-term reversal. On the upside, initial firm resistance is seen at $427.97, the 20-day EMA

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