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(N3) Fresh Trend Low

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: $380.99/390.50 - 20- and 50-day EMA values
  • PRICE: $363.35 @ 13:23 BST May 23
  • SUP 1: $360.00 - Round number support
  • SUP 2: $355.00 - Low Nov 28 2022
  • SUP 3: $350.54 - 76.4% of the Sep 28 ‘22 - Jan 18 bull leg (cont)
  • SUP 4: $341.80 - Low Nov 4 2022 (cont)

Copper futures remain in a downtrend and the contract has traded to a fresh trend low today. The break 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. 370.00 has been cleared and the focus is on the 360.00 handle next. On the upside, initial firm resistance is seen at 380.99, the 20-day EMA.

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