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(U3) Bullish Extension

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 - Intraday high
  • PRICE: $394.85 @ 13:13 BST Jun 22
  • SUP 1: $381.91/374.45 - 20-day EMA / 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 and the contract has traded higher today, extending the current uptrend. Price has recently breached resistance at the 50-day EMA, at $384.47, and this reinforced bullish conditions. A continuation higher would pave the way for $401.00, the May 1 high. On the downside, key support and the bear trigger is at $356.50, the May 24 / 25 low.

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