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COPPER TECHS: (Z4) Bearish Outlook

COPPER TECHS
Metals Technical AnalysisCommodities TechBulletCommodities
  • RES 4: $511.20 - High May 20 and key medium-term resistance  
  • RES 3: $488.95 - High May 29 
  • RES 2: $464.60 - High Jul 5 and a key short-term resistance 
  • RES 1: $431.85/444.30 - High Aug 27 / High Jul 18     
  • PRICE: $409.75 @ 14:06 BST Sep 3
  • SUP 1: $396.45 - Low Aug 7 and the bear trigger 
  • SUP 2: $387.40 - Low Mar 1
  • SUP 3: $374.65 - Low Feb 9 and key support 
  • SUP 4: $370.42 - 1.236 proj of the May 20 - Jun 27 - Jul 5 price swing    

A bear cycle in Copper futures remains intact and the recovery that started Aug 7 is considered corrective - for now. The latest resumption of weakness reinforces this theme and opens $396.45, the Aug 7 low. Clearance of this support would expose $374.65, the Feb 9 low. The 50-day EMA has recently been pierced. A clear break of it would signal scope for stronger gains towards 444.30, the Jul 18 high. The EMA is at $426.82.

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  • RES 4: $511.20 - High May 20 and key medium-term resistance  
  • RES 3: $488.95 - High May 29 
  • RES 2: $464.60 - High Jul 5 and a key short-term resistance 
  • RES 1: $431.85/444.30 - High Aug 27 / High Jul 18     
  • PRICE: $409.75 @ 14:06 BST Sep 3
  • SUP 1: $396.45 - Low Aug 7 and the bear trigger 
  • SUP 2: $387.40 - Low Mar 1
  • SUP 3: $374.65 - Low Feb 9 and key support 
  • SUP 4: $370.42 - 1.236 proj of the May 20 - Jun 27 - Jul 5 price swing    

A bear cycle in Copper futures remains intact and the recovery that started Aug 7 is considered corrective - for now. The latest resumption of weakness reinforces this theme and opens $396.45, the Aug 7 low. Clearance of this support would expose $374.65, the Feb 9 low. The 50-day EMA has recently been pierced. A clear break of it would signal scope for stronger gains towards 444.30, the Jul 18 high. The EMA is at $426.82.