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(N1) Remains Above Recent Lows

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: $461.65 @ 12:50 BST May 28
  • SUP 1: $444.40/43.50 - Low May 24 / Low May 3
  • SUP 2: $438.50 - 50-day EMA
  • SUP 3: $425.25 - Low Apr 22
  • SUP 4: $415.90 - Low Apr 19

Copper support has been defined at $444.40, May 24 low. A near-term bearish risk however remains present following the recent corrective pullback. Price has recently traded below the 20-day EMA and further weakness would signal scope for a deeper pullback towards support at $443.50, May 3 low and the 50-day EMA at $438.50. From a trend perspective, the direction remains up. The bull trigger is $488.80, May 10 high.

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