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TECHS: COPPER: (Z0) Monitoring The 50-day EMA

COMMODITIES
  • RES 4: $331.55 - High Jun 7, 2018 (cont)
  • RES 3: $327.15 - High Jun 13, 2018 (cont)
  • RES 2: $321.80 - High Oct 21 and the bull trigger
  • RES 1: $312.30 - High Nov 3
  • PRICE: $309.05 @ 12:06 GMT Nov 5
  • SUP 1: $302.80 - Low Nov 2 and the bear trigger
  • SUP 2: $298.10 - 61.8% retracement of the Oct 2 - 21 rally
  • SUP 3: $292.50 - 76.4% retracement of the Oct 2 - 21 rally
  • SUP 4: $292.05 - Low Oct 6

Copper futures found support at Monday's low of $302.80. Despite recent gains, the outlook remains bearish with price action still in a corrective phase. Price last week traded through the 20-day EMA signalling scope for a deeper near-term pullback. Activity this week has also seen price test the 50-day EMA. A convincing breach of the average would threaten a deeper sell-off. Initial resistance is seen at $312.30, Nov 3 high.

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