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(U3) Approaching First Support

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: $396.40 - High Jun 22
  • PRICE: $375.10 @ 12:50 BST Jun 28
  • SUP 1: $374.45 - Low Jun 8
  • SUP 2: $363.80- Low May 31
  • SUP 3: $356.50 - Low May 24 / 25 and key support
  • SUP 4: $354.10 - Low Nov 28 2022 (cont)

Copper futures remain in a short-term bull cycle, however, price has failed to remain at its recent highs and is trading lower again today. The current pullback could be a reversal signal that suggests the recent bull cycle is over. Price is approaching support at 374.45, the Jun 8 low. A break of this level would strengthen a bearish threat. On the upside, clearance of last week’s 396.40 high would resume the recent uptrend.

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