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(U1) Bearish Theme Intact

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: $432.65 @ 13:47 BST Jul 5
  • SUP 1: $409.75/40 - 76.4% of the Mar 4 - May 10 rally / Low Jun 21
  • SUP 2: $403.00 - 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 remains in a range. Recent gains are still considered corrective and a short-term bearish outlook remains intact. This follows the sell-off on Jun 15 that resulted in a break below 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 and tested recently. Initial resistance is at $440.45, Jun 16 high.

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