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(U2) Bear Threat Remains Present

COPPER TECHS
  • RES 4: $458.55 - High Jun 3 and a key resistance
  • RES 3: $425.35 - 50-day EMA
  • RES 2: $407.41 - 20-day EMA
  • RES 1: $404.40 - Low May 12
  • PRICE: $381.80 @ 14:04 BST Jun 29
  • SUP 1: $364.15 - Low Jun 24
  • SUP 2: $357.38 - 1.236 proj of Apr 18 - May 12 - Jun 3 price swing
  • SUP 3: $350.60 - 50.0% of the Mar ‘20 - Mar ‘22 rally (cont)
  • SUP 4: $345.00 - Low Dec 10 2020 (cont)

Copper futures maintain a bearish tone and the contract is trading closer to recent lows. An acceleration of the downtrend last week, resulted in a break of $404.40, May 12 low, and support around the $400.00 handle. This strengthens bearish conditions and also potentially highlights a more significant medium-term reversal. The focus is on $350.60, a Fibonacci retracement. Initial firm resistance is seen at $407.41 the 20-day EMA.

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