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(N2) Bull Rally Accelerates

COPPER TECHS
  • RES 4: $466.58 - 76.4% retracement of the Apr 18 - May 12 bear leg
  • RES 3: $462.20 - High Apr 25
  • RES 2: $454.56 - 61.8% retracement of the Apr 18 - May 12 bear leg
  • RES 1: $448.25 - Intraday high
  • PRICE: $446.80 @ 12:50 BST Jun 2
  • SUP 1: $420.35 - Low May 26
  • SUP 2: $403.70/401.60 - Low May 12 / Low Sep 21 2021 (cont)
  • SUP 3: $396.15 - Low Aug 19 2021 (cont)
  • SUP 4: $391.07 - 1.764 proj of the Mar 7 - 15 - Apr 5 price swing

Copper futures are trading sharply higher today, extending the bull cycle that started May 12. Today’s gains have resulted in a clear break of the 50-day EMA and a breach of $444.85, the 50.0% retracement of the Apr 18 - May 12 downleg. The current bull cycle is considered corrective however indications are that there is scope for a continuation higher near-term. On the downside, firm short-term support has been defined at $420.35, May 26 low.

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Energy BulletsCommodities

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