Today Technical Analysis: Copper Approaches Record Highs on Surging Demand

S&P 500 Technical Analysis

The S&P 500 remains in a short-term recovery phase after falling to 7,631, but the broader 1-hour structure is still recovering from a previous decline. The index is currently around 7,660.

Immediate resistance is around 7,669–7,675, with the previous high near 7,765 representing a much stronger resistance area. On the downside, 7,647–7,631 provides the key support zone. A break above 7,675 would strengthen the recovery, while a move below 7,631 would revive the bearish momentum. Overall, the near-term bias is neutral to slightly bullish, but confirmation requires a break above the immediate resistance.

S&P 500 1H Chart

Source: STARTRADER app | US Indices remain under pressure ahead of key inflation data

Brent Technical Analysis

Brent crude continues to display a strong bullish trend, trading around $102 after reaching a fresh intraday high of $102. The price remains comfortably above the moving averages MA(5) MA(10) and MA(20), with all three averages positioned below the current price. The sequence of higher highs and higher lows also confirms that buyers remain firmly in control.

The immediate resistance is the recent high around $102.81, followed by the $103.00–$103.50 area. A sustained break above $102.81 would signal further upside potential. On the downside, $102.00 is the first support, followed by $101.00–$101.40. The technical bias therefore remains bullish, although the relatively low recent volume suggests that traders should watch for confirmation before assuming another strong upside leg.

Brent 1H Chart

Source: STARTRADER app | Crude brent breaks above $102 as tensions in the Middle East increase supply fears

Copper Technical Analysis 

Copper remains in a bullish medium-term trend, although the 1-hour chart is showing some consolidation after reaching a recent high of $6.7682. The price is currently around $6.7111. Price action suggests that short-term momentum has weakened, but the broader structure remains constructive.

The key resistance is $6.76, followed by the psychological $6.80 level. A sustained break above $6.76 would reinforce the bullish outlook and potentially open the way toward fresh highs. On the downside, $6.70–$6.68 is the first support zone, followed by $6.63. As long as copper holds above $6.68, the broader bullish structure remains intact, although a break below this area could signal a deeper correction.

Copper 1H Chart

Source: STARTRADER app | Copper nears its record highs on tariff fears and strong demand

Risk Disclaimer: This material is provided for informational purposes only and does not constitute a recommendation or investment advice. Trading financial instruments on margin involves substantial risk and may not be appropriate for all investors.