Free Trial

(U3) Bear Threat Still Present

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: $382.96/96.40 - 50-day EMA / High Jun 22 and key resistance
  • PRICE: $3778.25 @ 13:29 BST Jul 3
  • SUP 1: $368.30 Low Jun 29
  • 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 last week’s continuation lower and short-term gains are considered corrective. The latest pullback could be a reversal signal that suggests the recent May 24 - Jun 22 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 396.40, the Jun 22 high, would resume the recent uptrend.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.