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(N1) Remains Vulnerable

COPPER TECHS
  • RES 4: $505.03 - 1.382 proj of Jan - Feb - Apr price swing
  • RES 3: $500.00 - Psychological round number
  • RES 2: $492.35 - 1.236 proj of Jan - Feb - Apr price swing
  • RES 1: $488.80 - High May 10 and the bull trigger
  • PRICE: $449.85 @ 12:40 BST May 24
  • SUP 1: $443.50 - Low May 3 and a firm near-term support
  • SUP 2: $437.00 - High Feb 25 and recent breakout point
  • SUP 3: $435.49 - 50-day EMA
  • SUP 4: $415.90 - Low Apr 19

Copper futures traded lower this week, extending the recent decline and the contract 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. From a trend perspective, the uptrend remains intact. The bull trigger is $488.80, May 10 high.

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