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(U2) Bearish Extension

COPPER TECHS
  • RES 4: $447.05 - High Jun 7
  • RES 3: $397.07 - 50-day EMA
  • RES 2: $385.00 - High Jun 28
  • RES 1: $358.00 - High Jul 7 and a key near-term resistance
  • PRICE: $318.05 @ 13:08 BST Jul 15
  • SUP 1: $313.15 - Intraday low
  • SUP 2: $300.00 - Psychological round number
  • SUP 3: $294.85 - 2.00 proj of the Apr 18 - May 12 - Jun 3 price swing
  • SUP 4: $275.33 - 2.236 proj of Apr 18 - May 12 - Jun 3 price swing
Copper futures continue to weaken and this week’s sell-off has resulted in the break of support at $327.30, the Jul 6 low. This confirms a resumption of the downtrend and extends the current bearish price sequence of lower lows and lower highs. Price has traded below $314.41, 61.8% of the Mar ‘20 - Mar ‘22 rally (cont) and this opens $300.00. Firm resistance is seen at $358.00, Jul 7 high. A break would signal potential for a stronger corrective bounce.

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