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(N3) Pierces Key Support

COPPER TECHS
  • RES 4: $447.20 - High Jun 6 2022 (cont)
  • RES 3: $435.15 - High Jan 18 and the bull trigger
  • RES 2: $418.65/21.05 - High Apr 14 / Feb 21 high and key resistance
  • RES 1: $399.73 - 20-day EMA
  • PRICE: $389.05 @ 13:36 BST Apr 28
  • SUP 1: $382.90/381.65 - Low Mar 16 and bear trigger / Low Apr 27
  • SUP 2: $372.45 - Low Jan 4
  • SUP 3: $363.70 - Low Nov 30
  • SUP 4: $355.00 - Low Nov 28 2022

Copper futures remain soft, since pulling back from $418.65, the Apr 14 high. The continuation lower resulted in a break of a key short-term support at $393.55, the Apr 5 low. Yesterday’s move lower has seen the contract pierce $382.90, Mar 16 low. A clear break would reinforce bearish conditions and open $372.45, the Jan 4 low. A reversal would refocus attention on $418.65, the bull trigger. Initial resistance is $399.73, 20-day EMA.

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