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(U2) Support At $400.00 Remains Exposed

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: $404.60 @ 13:59 BST Jun 21
  • 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 remain soft and have traded lower again today. The contract has cleared support at $404.40, the May 12 low and is challenging support around the $400.00 handle. A clear break of this area would strengthen short bearish conditions and 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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