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(N2) Corrective Cycle Extends

COPPER TECHS
  • RES 4: $473.55 - High Apr 21
  • RES 3: $462.20 - High Apr 25
  • RES 2: $444.08 - 50-day EMA
  • RES 1: $435.14- 38.2% retracement of the Apr 18 - May 12 bear leg
  • PRICE: $434.00 @ 13:12 BST May 23
  • SUP 1: $403.70/401.60 - Low May 12 / Low Sep 21 2021 (cont)
  • SUP 2: $396.15 - Low Aug 19 2021 (cont)
  • SUP 3: $391.07 - 1.764 proj of the Mar 7 - 15 - Apr 5 price swing
  • SUP 4: $378.35 - 2.00 proj of the Mar 7 - 15 - Apr 5 price swing

Copper futures have traded higher again today as the contract extends a reversal from the May 12 low of $403.70. Short-term gains are still considered corrective and the trend outlook is bearish. The move lower from $486.15, Apr 5 high, resulted in the break of a number of support levels, the most recent being $411.05, the Dec 15 2021 low. The next resistance to watch is at $444.08, the 50-day EMA.

Energy BulletsCommodities
Energy BulletsCommodities

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