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(Z2) Resistance Still Intact

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: $378.35 - High Aug 26 and the bull trigger
  • PRICE: $350.65 @ 13:09 BST Sep 22
  • SUP 1: $336.10/28.84 - Low Sep 6 / 76.4% of Jul 15 - Aug 26 bull leg
  • 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 below recent highs. Key short-term resistance to watch is $378.35, the Aug 26 high. A break of this level would cancel a bearish theme and also highlight an important short-term bullish break. This would open $405.70, the May 12 low. Key support has been defined at $336.10, the Sep 6 low. A breach would strengthen a bearish case and expose $313.55, the Jul 15 low.

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