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COPPER TECHS: (Z4) Bull Cycle Extension

COPPER TECHS
Metals Technical AnalysisCommodities TechBulletCommodities
  • RES 4: $484.12 - 76.4% retracement of the May 20 - Aug 7 bear leg
  • RES 3: $464.60 - 61.8% retracement of the May 20 - Aug 7 bear leg 
  • RES 2: $464.60 - High Jul 5 and a key resistance
  • RES 1: $453.83 - 50.0% retracement of the May 20 - Aug 7 bear leg    
  • PRICE: $447.70 @ 14:04 BST Sep 24
  • SUP 1: $424.73 - 50-day EMA  
  • SUP 2: $404.20/396.45 - Low Sep 5 / Low Aug 7 and the bear trigger
  • SUP 3: $387.40 - Low Mar 1
  • SUP 4: $374.65 - Low Feb 9 and key support   

Copper futures are rallying today, marking an extension of the bull cycle that started Aug 7. The move higher undermines a recent bearish theme and instead highlights a stronger bull cycle. The rally exposes $453.83, a Fibonacci retracement. Clearance of this level would expose $464.60, the Jul 5 high. On the downside, initial firm support is seen at $424.73, the 50-day EMA. A clear break of this average is required to signal a reversal.

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  • RES 4: $484.12 - 76.4% retracement of the May 20 - Aug 7 bear leg
  • RES 3: $464.60 - 61.8% retracement of the May 20 - Aug 7 bear leg 
  • RES 2: $464.60 - High Jul 5 and a key resistance
  • RES 1: $453.83 - 50.0% retracement of the May 20 - Aug 7 bear leg    
  • PRICE: $447.70 @ 14:04 BST Sep 24
  • SUP 1: $424.73 - 50-day EMA  
  • SUP 2: $404.20/396.45 - Low Sep 5 / Low Aug 7 and the bear trigger
  • SUP 3: $387.40 - Low Mar 1
  • SUP 4: $374.65 - Low Feb 9 and key support   

Copper futures are rallying today, marking an extension of the bull cycle that started Aug 7. The move higher undermines a recent bearish theme and instead highlights a stronger bull cycle. The rally exposes $453.83, a Fibonacci retracement. Clearance of this level would expose $464.60, the Jul 5 high. On the downside, initial firm support is seen at $424.73, the 50-day EMA. A clear break of this average is required to signal a reversal.