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COPPER TECHS: (Z4) Resistance Remains Exposed

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: 428.50 @ 14:07 BST Sep 18
  • SUP 1: $404.20/396.45 - Low Sep 5 / 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 medium-term bear cycle in Copper futures remains intact, however, a bullish corrective cycle is still in play and the contract traded higher Monday, extending the latest recovery. Resistance to watch is $431.85, the Aug 27 high. A break of this hurdle would signal scope for a stronger short-term recovery. Initial firm support to watch lies at $404.20, the Sep 5 low. A breach of this level would be a bearish development.

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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: 428.50 @ 14:07 BST Sep 18
  • SUP 1: $404.20/396.45 - Low Sep 5 / 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 medium-term bear cycle in Copper futures remains intact, however, a bullish corrective cycle is still in play and the contract traded higher Monday, extending the latest recovery. Resistance to watch is $431.85, the Aug 27 high. A break of this hurdle would signal scope for a stronger short-term recovery. Initial firm support to watch lies at $404.20, the Sep 5 low. A breach of this level would be a bearish development.