(U2) Watching Resistance At The 50-Day EMA

• RES 4: $404.40 - Low May 12
• RES 3: $385.00 - High Jun 28
• RES 2: $370.53 - 50-day EMA
• RES 1: $363.05 - High Aug 9
• PRICE: $360.80 @ 13:10 BST Aug 10
• 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 continue to trade closer to recent highs. The broader trend remains down, however, the current corrective cycle is still in play and scope is seen for an extension higher over the short-term. Price has recently traded above the 20-day EMA and this has exposed $370.53, 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.