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(N3) Trend Needle Points South

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: $400.50 - High May 1
  • PRICE: $385.20 @ 13:11 BST May 10
  • 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 remain above recent lows. Short-term gains are considered corrective and the trend outlook is bearish. The move lower on Apr 27 resulted in a print below key support at $382.90, Mar 16 low. A clear breach of this level would reinforce bearish conditions and open $372.45, Jan 4 low. On the upside, a reversal would refocus attention on key resistance at $418.65, Apr 14 high. Initial resistance is $400.50, the May 1 high.

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