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(N3) Cracks Key Support

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: $392.88 - 20-day EMA
  • PRICE: $374.05 @ 13:26 BST May 11
  • SUP 1: $370.00 - Round number support
  • SUP 2: $363.70 - Low Nov 30 2022
  • SUP 3: $355.00 - Low Nov 28 2022
  • SUP 4: $350.54 - 76.4% of the Sep 28 ‘22 - Jan 18 bull leg

Copper futures are trading sharply lower today. The contract has confirmed a break of key support at $382.90, Mar 16 low. The clear breach of this level reinforces bearish conditions and confirms a resumption of the bear cycle that started on Jan 18. A continuation lower would open the 370.00 handle and 363.70, the Nov 30 2022 low. On the upside, initial resistance is seen at 392.88, the 20-day EMA.

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