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(Z2) Bearish Outlook

COPPER TECHS
  • RES 4: $447.45 - High Jun 7
  • RES 3: $424.50 - High Jun 16
  • RES 2: $405.70 - Low May 12
  • RES 1: $354.00/378.35 - 50-day EMA / High Aug 26 and bull trigger
  • PRICE: $342.20 @ 13:34 BST Oct 4
  • SUP 1: $324.30 - Low Sep 28
  • SUP 2: $313.55 - Low Jul 15 and the bear trigger
  • SUP 3: $300.00 - Psychological round number
  • SUP 4: $279.40 - 2.00 proj of the Mar 7 - May 12 - Jun 3 price swing

Copper futures remain in a short-term downtrend and recent gains appear to be corrective. A key support at $336.10, the Sep 6 low, has recently been cleared. The break strengthens a bearish case and this has exposed $313.55, the Jul 15 low. Key short-term resistance to watch is unchanged at $378.35, Aug 26 high. A break would cancel a bearish theme and highlight an important short-term bullish break. This would open $405.70, the May 12 low.

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