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- RES 4: $470.95 - High Jun 1
- RES 3: $458.60 - High Jul 27 and key resistance
- RES 2: $452.80 - High Jul 30
- RES 1: $435.42/447.15 - Channel top / High Sep 13 and bull trigger
- PRICE: $427.60 @ 14:42 BST Sep 28
- SUP 1: $401.60 - Low Sep 21
- SUP 2: $396.65/94.55 - Low Aug 19 / Low Apr 1
- SUP 3: $383.55 - Low Mar 4
- SUP 4: $374.65 - Bear channel base drawn from the May 10 high
Copper futures maintain a bearish theme despite the most recent recovery. This follows the recent failure at $447.15, on Sep 13. The subsequent reversal marked an important turn occurring just above the top of a bear channel drawn off the May 10 high. Furthermore, a Fibonacci retracement at 443.98 - 76.4% of the Jul 27 to Aug 19 downleg provided resistance. Scope is seen for a move towards $396.65, Aug 19 low. $447.15 is key resistance.