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(N3) Corrective Bounce Extends

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: $374.83/386.31 - 20- and 50-day EMA values
  • PRICE: $368.15 @ 13:29 BST May 30
  • SUP 1: $354.50 - Low May 24
  • 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 downtrend and the most recent recovery is considered corrective. Last week’s extension lower maintains the down trending price sequence of lower lows and lower highs and confirms a resumption of the bear cycle that started on Jan 18. The focus is on $350.54, a Fibonacci retracement point. Initial firm resistance is seen at 374.83, the 20-day EMA.

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