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(N3) Bull Cycle Remains In Play

COPPER TECHS
  • RES 4: $435.15 - High Jan 18 and the bull trigger
  • RES 3: $418.65/21.05 - High Apr 14 / Feb 21 high and key resistance
  • RES 2: $400.50 - High May 1
  • RES 1: $386.58 - 50.0% retracement of the Apr 14 - May 25 downleg
  • PRICE: $384.60 @ 13:13 BST Jun 14
  • SUP 1: $368.60/54.50 - Low Jun 5 / Low May 24 and key support
  • SUP 2: $350.54 - 76.4% of the Sep 28 ‘22 - Jan 18 bull leg (cont)
  • SUP 3: $341.80 - Low Nov 4 2022 (cont)
  • SUP 4: $336.15 - Low Oct 31 2022 (cont)

Copper futures remain in a short-term bull cycle and traded higher yesterday. The contract has breached resistance at the 50-day EMA, at $382.33, and this reinforces current short-term bullish conditions. A continuation higher would pave the way for gains towards the $386.58, a Fibonacci retracement and $400.50, the May 1 high. On the downside, key support and the bear trigger is unchanged at $354.50, the May 24 low.

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