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(H3) Holding On To The Bulk Of Its Recent Gains

COPPER TECHS
  • RES 4: $419.17 - 1.50 proj of Jul 15 - Aug 26 - Sep 28 price swing
  • RES 3: $411.66 - 1.382 proj of Jul 15 - Aug 26 - Sep 28 price swing
  • RES 2: $407.00 - Low May 12
  • RES 1: $394.70 - High Nov 15 and the bull trigger
  • PRICE: $382.05 @ 14:08 GMT Dec 6
  • SUP 1: $360.78/354.70 - 50-day EMA / Low Nov 28
  • SUP 2: $334.80 - Low Oct 31
  • SUP 3: $323.70 - Low Sep 28
  • SUP 4: $314.25 - Low Jul 15 and a key support

Copper futures traded higher last week and the contract maintains a firmer short-term tone. The climb last week is a positive development and note that the recent move lower was considered corrective. A continuation higher would signal the end of the correction and suggest scope for a test of resistance at $394.70, the Nov 15 high and a bull trigger. On the downside, a break of $354.70, the Nov 28 low, would instead highlight a bearish threat.

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