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(U1) Bearish Risk Still Present

COPPER TECHS
  • RES 4: $488.40 - High May 10 and the bull trigger
  • RES 3: $471.10/78.55 - High Jun 1 / High May 18
  • RES 2: $460.10 - High Jun 11
  • RES 1: $440.45 - High Jun 16
  • PRICE: $430.20 @ 13:23 BST Jun 30
  • SUP 1: $409.75/40 - 76.4% of the Mar 4 - May 10 rally / Low Jun 21
  • SUP 2: $401.11 - Major trendline drawn from Mar 19, 2020 low (cont)
  • SUP 3: $400.00 - Low Apr 12
  • SUP 4: $394.90 - Low Mar 25 and a key support

Copper is trading closer to recent highs. Recent gains are considered corrective though and a S/T bearish outlook remains intact. This follows the sell-off on Jun 15 that resulted in a break of the 50-day EMA. Furthermore, the follow through and break of trendline support drawn off the Oct 2, 2020 low reinforces the current bearish theme. Attention is on $409.75, a Fibonacci retracement, tested recently. Initial resistance is at $440.45, Jun 16 high.

Energy BulletsCommodities
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