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(U2) Testing The 50-Day EMA

COPPER TECHS
  • RES 4: $423.75 - High Jun 16
  • RES 3: $404.40 - Low May 12
  • RES 2: $385.00 - High Jun 28
  • RES 1: $371.30 - Intraday high
  • PRICE: $365.35 @ 13:01 BST Aug 12
  • SUP 1: $341.60 - Low Aug 4
  • SUP 2: $313.15 - Low Jul 15 and the bear trigger
  • SUP 3: $300.00 - Psychological round number
  • SUP 4: $294.85 - 2.00 proj of the Apr 18 - May 12 - Jun 3 price swing

Copper futures traded higher Thursday as the current bull cycle extends. The contract has tested the 50-day EMA, at $370.32. A break of this average would strengthen S/T bullish conditions and pave the way for $385.00, the Jun 28 high. A broader downtrend condition remains intact and the current bull cycle is likely a correction. Initial support to watch is $341.60, Aug 4 low.

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  • RES 4: $423.75 - High Jun 16
  • RES 3: $404.40 - Low May 12
  • RES 2: $385.00 - High Jun 28
  • RES 1: $371.30 - Intraday high
  • PRICE: $365.35 @ 13:01 BST Aug 12
  • SUP 1: $341.60 - Low Aug 4
  • SUP 2: $313.15 - Low Jul 15 and the bear trigger
  • SUP 3: $300.00 - Psychological round number
  • SUP 4: $294.85 - 2.00 proj of the Apr 18 - May 12 - Jun 3 price swing

Copper futures traded higher Thursday as the current bull cycle extends. The contract has tested the 50-day EMA, at $370.32. A break of this average would strengthen S/T bullish conditions and pave the way for $385.00, the Jun 28 high. A broader downtrend condition remains intact and the current bull cycle is likely a correction. Initial support to watch is $341.60, Aug 4 low.