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(N1) Consolidating

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: $453.05 @ 13:06 BST May 26
  • SUP 1: $443.50 - Low May 3 and a firm near-term support
  • SUP 2: $436.73 - 50-day EMA
  • SUP 3: $425.25 - Low Apr 22
  • SUP 4: $415.90 - Low Apr 19

Copper futures are consolidating. The contract traded lower last week, extending the recent decline and price remains below the May 10 trend high of $488.80. The 20-day EMA has been breached and an extension lower would signal scope for a deeper pullback towards support at $443.50, May 3 low and also expose the 50-day EMA at $436.73. From a trend perspective, the primary uptrend remains intact. The bull trigger is $488.80.

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