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(U2) Trend Outlook Remains Bearish

COPPER TECHS
  • RES 4: $423.75 - High Jun 16
  • RES 3: $394.18 - 50-day EMA
  • RES 2: $385.00 - High Jun 28
  • RES 1: $358.00 - High Jul 7 and a key near-term resistance
  • PRICE: $332.60 @ 13:15 BST Jul 18
  • SUP 1: $313.15 - Low Jul 15
  • 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 traded lower last week reinforcing bearish conditions. This resulted in the break of $327.30, Jul 6 low, confirming a resumption of the downtrend and extending the bearish price sequence of lower lows and lower highs. Price has tested $314.41, 61.8% of the Mar ‘20 - Mar ‘22 rally (cont). A clear break would open $300.00. Firm resistance is seen at $358.00, Jul 7 high. A breach would signal potential for a stronger corrective bounce.

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