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(N2) Remains Below Monday’s High

COPPER TECHS
  • RES 4: $473.55 - High Apr 21
  • RES 3: $462.20 - High Apr 25
  • RES 2: $442.49 - 50-day EMA
  • RES 1: $435.50 - High May 23 and key resistance
  • PRICE: $424.10 @ 14:01 BST May 26
  • 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 pulled away from Monday’s $435.50 high. Recent gains have likely been a correction and the fact that price has turned lower ahead of resistance at the 50-day EMA, suggests the correction may be over. A continuation lower would refocus attention on the key support and bear trigger at $403.70, May 12 low. A break of this level would confirm a resumption of the downtrend. $435.50 is the key short-term resistance.

Energy BulletsCommodities
Energy BulletsCommodities

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