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(Z3) Key Short-Term Support Pierced

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: $384.73 - 50-day EMA
  • PRICE: $371.00 @ 13:03 BST Aug 16
  • SUP 1: $368.50 - Intraday low
  • 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 maintain a short-term bearish tone and the contract has traded lower today. The latest sell-off undermines a recent bullish theme and support at $369.45, the Jun 29 low, has been pierced. A clear break of this level would strengthen a bearish threat and open $358.60, the May 24 low and a key support. Key resistance has been defined at $403.75, the Aug 1 high. Clearance of this level is required to reinstate a bullish theme.

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