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(U3) Appears Vulnerable

COPPER TECHS
  • RES 4: $418.25 - High Apr 14
  • RES 3: $403.68 - 76.4% retracement of the Apr 14 - May 25 downleg
  • RES 2: $401.00 - High May 1
  • RES 1: $383.25/96.40 - 50-day EMA / High Jun 22 and key resistance
  • PRICE: $371.30 @ 13:02 BST Jun 30
  • SUP 1: $363.80- Low May 31
  • SUP 2: $356.50 - Low May 24 / 25 and key support
  • SUP 3: $354.10 - Low Nov 28 2022 (cont)
  • SUP 4: $350.54 - 76.4% of the Sep 28 ‘22 - Jan 18 bull leg (cont)

Copper futures remain soft following this week’s continuation lower and the contract is trading at its recent lows. The latest pullback could be a reversal signal that suggests the recent bull cycle is over. Price has breached support at 374.45, the Jun 8 low. The break strengthens a bearish threat and exposes $356.50, the May 24 / 25 low. On the upside, clearance of last week’s 396.40 high would resume the recent uptrend.

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