COPPER TECHS: (U5) Bullish Outlook

• RES 4: $634.95 - 2.000 proj of the Apr 7 - 23 - May 9 price swing
• RES 3: $613.49 - 1.764 proj of the Apr 7 - 23 - May 9 price swing  
• RES 2: $600.00 - Psychological round number 
• RES 1: $589.55 - High Jul 8  
• PRICE: $548.65 @ 14:17 BST Jul 17 
• SUP 1: $497.25 - Low Jul 8 and a key short-term support  
• SUP 2: $476.40 - Low Jun 13 
• SUP 3: $453.05 - Low May 9    
• SUP 4: $411.75 - Low Apr 7 and the bear trigger  

Copper futures are in consolidation mode but continue to hold on to the bulk of their recent gains. The contract rallied sharply higher on Jul 8 resulting in a break of key resistance at $546.15, the Mar 26 high. The breach is seen as a key bullish development and reinforces the current uptrend. Sights are on a retest of $589.55, the Jul 8 high. Clearance of this level would open $600.00. Key short-term support has been defined at $497.25, the Jul 8 low.