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(N1) Bear Flag

COPPER TECHS
  • RES 4: $505.03 - 1.382 proj of Jan - Feb - Apr price swing
  • RES 3: $492.35 - 1.236 proj of Jan - Feb - Apr price swing
  • RES 2: $488.80 - High May 10 and the bull trigger
  • RES 1: $478.20 - High May 18
  • PRICE: $455.90 @ 12:30 BST May 27
  • SUP 1: $443.50 - Low May 3 and a firm near-term support
  • SUP 2: $437.36 - 50-day EMA
  • SUP 3: $425.25 - Low Apr 22
  • SUP 4: $415.90 - Low Apr 19

Copper futures are consolidating and recent price action appears to be a bear flag formation. This suggests scope for an extension of recent bearish pressure.The 20-day EMA has been breached and further weakness would signal scope for a deeper pullback towards support at $443.50, May 3 low and also expose the 50-day EMA at $437.36. From a trend perspective, the primary uptrend remains intact. The bull trigger is $488.80, May 10 high.

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