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(Z3) Bear Threat Still Present

COPPER TECHS
  • RES 4: $420.75 - High Feb 21
  • RES 3: $417.90 - High Apr 14 and a key resistance
  • RES 2: $403.75 - High Aug 1 and a key resistance
  • RES 1: $390.85/395.20 - High Sep 1 / High Aug 4
  • PRICE: $378.65 @ 13:26 BST Sep 13
  • SUP 1: $367.00 - Low Aug 17 and a key support
  • SUP 2: $358.60 - Low May 24 and a bear trigger
  • SUP 3: $354.10 - Low Nov 28 2022 (cont)
  • SUP 4: $350.00 - Round number support

Copper futures are unchanged and remain below 390.85, the Sep 1 high. The latest move lower threatens the recent bullish theme and a continuation would signal scope for weakness towards the next key support at $367.00, the Aug 17 low. 390.85 has been defined as the key near-term resistance where a break is required to reinstate a bullish theme. Monday’s gains are considered corrective - for now.

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