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(N2) Bearish Threat Exposes Key Support

COPPER TECHS
  • RES 4: $503.60 - 1.00 proj of the Feb 24 - Mar 7 - 15 price swing
  • RES 3: $501.00 - High Mar 7 and the bull trigger
  • RES 2: $486.15/88.28 - High Apr 5 / 76.4% of the Mar 7 - 15 downleg
  • RES 1: $470.92 - 20-day EMA
  • PRICE: $449.50 @ 14:55 BST Apr 25
  • SUP 1: $447.10 - Low Mar 15 and a pivot level
  • SUP 2: $444.50 - Low Feb 24
  • SUP 3: $428.80 - Low Mar 31
  • SUP 4: $423.00 - Low Dec 20

Copper futures have started the week on a softer note and are trading sharply lower. This marks an extension of the downleg that started off the $486.00 high on Apr 18. The contract has breached support at $463.95, the Apr 11 low and sights are set on $447.10, the Mar 15 low and a key support. A break would strengthen current bearish conditions. Key resistance is unchanged at $486.15, Apr 5 high.

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