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(U4) Bear Cycle Still Intact

COPPER TECHS
  • RES 4: $538.15 - 4.00 proj of the Mar 1 - 18 - 27 price swing
  • RES 3: $530.14 - 3.7648 proj of the Mar 1 - 18 - 27 price swing
  • RES 2: $521.17 - 3.50 proj of the Mar 1 - 18 - 27 price swing
  • RES 1: $489.25/513.10 - High May 29 / High May 20 and bull trigger
  • PRICE: $442.75 @ 13:23 BST Jul 17
  • SUP 1: $432.90 - Low Jun 27 and the bear trigger
  • SUP 2: $426.12 - 61.8% retracement of the Feb 9 - May 20 bull cycle
  • SUP 3: $402.35 - Low Mar 27 and a key support
  • SUP 4: $385.80 - Low Mar 1

Despite the recent gains in Copper futures, a bearish corrective cycle that started May 20, remains in play - for now. The downleg between May 20 - Jun 27, suggests potential for a deeper retracement and a resumption of the bear leg would open $426.12, a Fibonacci retracement. Key resistance has been defined at $513.10, the May 20 high. Initial resistance to watch is $489.25, the May 29 high.

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