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(N3) Trading Closer To Its Recent Lows

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: $399.27- 50-day EMA
  • PRICE: $384.45 @ 13:10 BST May 5
  • SUP 1: $381.65 - Low Apr 27
  • SUP 2: $372.45 - Low Jan 4
  • SUP 3: $363.70 - Low Nov 30 2022
  • SUP 4: $355.00 - Low Nov 28 2022

Copper futures are consolidating, but remain vulnerable and are trading closer to recent lows. The move lower on Apr 27 resulted in a print below key short-term support at $382.90, the Mar 16 low. A clear breach of this level would reinforce bearish conditions and open $372.45, the Jan 4 low. On the upside, a reversal would instead refocus attention on $418.65, the Apr 14 high and bull trigger. Initial resistance is $399.27, the 50-day EMA.

Energy BulletsCommodities
Energy BulletsCommodities

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