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(U2) Bearish Outlook

COPPER TECHS
  • RES 4: $447.05 - High Jun 7
  • RES 3: $400.17 - 50-day EMA
  • RES 2: $385.00 - High Jun 28
  • RES 1: $358.00 - High Jul 7 and a key near-term resistance
  • PRICE: $326.70 @ 13:26 BST Jul 14
  • SUP 1: $321.65 - Low Jul 13
  • SUP 2: $314.41 - 61.8% of the Mar ‘20 - Mar ‘22 rally (cont)
  • SUP 3: $300.00 - Psychological round number
  • SUP 4: $294.85 - 2.00 proj of the Apr 18 - May 12 - Jun 3 price swing

Copper futures traded lower yesterday and delivered a print below former 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. The focus is on $314.41 next, a Fibonacci retracement. Firm resistance is seen at $358.00, the Jul 7 high. A break would signal potential for a stronger corrective bounce.

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  • RES 4: $447.05 - High Jun 7
  • RES 3: $400.17 - 50-day EMA
  • RES 2: $385.00 - High Jun 28
  • RES 1: $358.00 - High Jul 7 and a key near-term resistance
  • PRICE: $326.70 @ 13:26 BST Jul 14
  • SUP 1: $321.65 - Low Jul 13
  • SUP 2: $314.41 - 61.8% of the Mar ‘20 - Mar ‘22 rally (cont)
  • SUP 3: $300.00 - Psychological round number
  • SUP 4: $294.85 - 2.00 proj of the Apr 18 - May 12 - Jun 3 price swing

Copper futures traded lower yesterday and delivered a print below former 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. The focus is on $314.41 next, a Fibonacci retracement. Firm resistance is seen at $358.00, the Jul 7 high. A break would signal potential for a stronger corrective bounce.