(U2) Corrective Cycle Exposes The 50-Day EMA?

• RES 4: $404.40 - Low May 12
• RES 3: $385.00 - High Jun 28
• RES 2: $372.19 - 50-day EMA
• RES 1: $359.70 - High Aug 1 and key near-term resistance PRICE: $354.50 @ 13:03 BST Aug 5
• SUP 1: $313.15 - Low Jul 15 and the bear trigger
• SUP 2: $300.00 - Psychological round number
• SUP 3: $294.85 - 2.00 proj of the Apr 18 - May 12 - Jun 3 price swing
• SUP 4: $275.33 - 2.236 proj of Apr 18 - May 12 - Jun 3 price swing

Copper futures remain in a downtrend, however for now, a correction means that the metal may extend its short-term gains over the short-term. Price has recently traded above the 20-day EMA and this exposes resistance at $372.19, the 50-day EMA. Key support and the bear trigger lies at $313.15, the Jul 15 low. A break of this support would confirm a resumption of the downtrend.