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(U1) Approaching Trendline Support

COPPER TECHS
  • RES 4: $491.31 - 1.236 proj of Feb 2 - 25 - Mar 4 price swing
  • RES 3: $488.40 - High May 10 and the bull trigger
  • RES 2: $471.10/78.55 - High Jun 1 / High May 18
  • RES 1: $460.10 - High Jun 11
  • PRICE: $429.85 @ 12:29 BST Jun 17
  • SUP 1: $427.30 - Low Jun 16 and Intraday low
  • SUP 2: $423.86 - Trendline support drawn off Oct 2, 2020 low (cont)
  • SUP 3: $400.00 - Low Apr 12
  • SUP 4: $394.90 - Low Mar 25

Copper remains weak. Tuesday's sell-off resulted in a break of the 50-day EMA. The EMA highlighted a strong area of support and levels below it also represent an area where demand potentially exists, assuming sentiment remains bullish. Currently, the break lower is bearish however, any signs of a base near-term could represent an early reversal signal. The extension lower has exposed $423.86, trendline support drawn off the Oct 2, 2020 low (cont).

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