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(K3) Trend Direction Remains Down

COPPER TECHS
  • RES 4: $447.20 - High Jun 6 2022
  • RES 3: $435.90 - Jan 18 high and the bull trigger
  • RES 2: $421.30 - Feb 21 high and a key resistance
  • RES 1: $407.75 - High Mar 13
  • PRICE: $389.30 @ 13:54 GMT Mar 17
  • SUP 1: $382.20 - Low Mar 16
  • SUP 2: $379.62 - 50.0% retracement of the Sep 28 - Jan 18 bull cycle
  • SUP 3: $371.80 - Low Jan 4
  • SUP 4: $366.34 - 61.8% retracement of the Sep 28 - Jan 18 bull cycle

Copper futures have traded lower this week and in the process confirmed a resumption of the downtrend that started on Jan 18. The break of 393.70, Feb 27 low, maintains the bearish price sequence of lower lows and lower highs and opens 379.62, a Fibonacci retracement. Firm resistance is seen at 407.75, the Mar 13 high where a break is required to signal a reversal.

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