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(U2) Bearish Extension

COPPER TECHS
  • RES 4: $458.55 - High Jun 3 and a key resistance
  • RES 3: $433.90 - 50-day EMA
  • RES 2: $422.84 - 20-day EMA
  • RES 1: $404.40 - Low May 12
  • PRICE: $385.60 @ 13:37 BST Jun 23
  • SUP 1: $376.70 - 1.00proj of Apr 18 - May 12 - Jun 3 price swing
  • 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 remain soft and the contract is trading lower again today. This week’s bearish price action has resulted in a break of support at $404.40, May 12 low, and a move below support around the $400.00 handle. The clear break of this area strengthens short bearish conditions and also potentially highlights a more significant medium-term reversal. On the upside, initial firm resistance is seen at $422.84, the 20-day EMA.

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