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(U4) Southbound

COPPER TECHS
  • RES 4: $513.10 - High May 20 and key medium-term resistance
  • RES 3: $489.25 - High May 29
  • RES 2: $469.95 - High Jul 5 and a key short-term resistance
  • RES 1: $432.66 - 50-day EMA
  • PRICE: $395.10 @ 14:08 BST Aug 8
  • SUP 1: $392.10 - Low Aug 7
  • SUP 2: $385.80 - Low Mar 1
  • SUP 3: $372.35 - Low Feb 9 and key support
  • SUP 4: $361.70 - Low Oct 5 2023

A bear cycle in Copper futures remains intact and the latest extension down reinforces current conditions. Price has traded to a fresh cycle low this week. The contract has breached $405.57, 76.4% of the Feb 9 - May 20 bull cycle. The clear break of this price point sets the scene for weakness towards $372.35, the Feb 9 low. Initial firm resistance is $432.66 the 50-day EMA. Key resistance has been defined at $469.95, the Jul 5 high.

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