COPPER TECHS: (N5) Remains Above Support Resistance
Jun-06 13:19
- RES 4: $541.50 - High Mar 26 and a key resistance
- RES 3: $521.30 - High Mar 28
- RES 2: $509.85 - 76.4% retracement of the Mar 26 - Apr 7 bear leg
- RES 1: $506.15 - High Jun 5
- PRICE: $490.70 @ 14:08 BST Jun 6
- SUP 1: $473.75 - 50-day EMA
- SUP 2: $447.75 - Low May 9
- SUP 3: $436.00/407.40 - Low Apr 10 / 7 and the bear trigger
- SUP 4: $400.00 - Psychological round number
Copper futures traded higher Thursday before pulling back. The climb resulted in a break of resistance at $498.25, the Apr 23 high. The breach undermines the recent bearish theme and signals scope for an extension higher near-term. This has opened $509.85, a Fibonacci retracement. On the downside, a pivot support is seen at $473.75, the 50-day EMA. Clearance of this level would highlight a possible reversal.
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