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(U2) Corrective Cycle Still In Play

COPPER TECHS
  • RES 4: $404.40 - Low May 12
  • RES 3: $385.00 - High Jun 28
  • RES 2: $373.17 - 50-day EMA
  • RES 1: $359.70 - High Aug 1 and key near-term resistance PRICE: $345.50 @ 11:57 BST Aug 4
  • SUP 1: $313.15 - Low Jul 15 and the bear trigger
  • 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 remain in a downtrend however for now, a correction means that the metal may extend its short-term gains over the short-term. Price has recently traded above the 20-day EMA and this exposes resistance at $373.17, the 50-day EMA. Key support and the bear trigger lies at $313.15, the Jul 15 low. A break of this support would confirm a resumption of the downtrend.

Energy BulletsCommodities
Energy BulletsCommodities

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