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(U3) Key Resistance Remains Exposed

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 and key resistance
  • PRICE: $389.60 @ 13:21 BST Jul 28
  • SUP 1: $378.10 - Low Jul 19 and a reversal trigger
  • SUP 2: $368.30 - Low Jun 29 and a key support
  • SUP 3: $356.50 - Low May 24 / 25 and a bear trigger
  • SUP 4: $354.10 - Low Nov 28 2022 (cont)

Copper futures are trading closer to this week’s highs. Attention is on the key resistance at 396.40, the Jun 22 high. Clearance of this level would confirm a resumption of the uptrend that started May 24 and open $403.68, a Fibonacci retracement. On the downside, a key short-term support has been defined at $378.10, the Jul 19 low. Clearance of this level is required to reinstate a bearish threat.

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Energy BulletsCommodities

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