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(U2) Reverts Lower Off 50-Day EMA Resistance

COPPER TECHS
  • RES 4: $423.75 - High Jun 16
  • RES 3: $404.40 - Low May 12
  • RES 2: $385.00 - High Jun 28
  • RES 1: $371.30 - High Aug 12
  • PRICE: $359.35 @ 15:18 BST Aug 17
  • SUP 1: $341.60 - Low Aug 4
  • SUP 2: $313.15 - Low Jul 15 and the bear trigger
  • 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 higher Thursday, testing the 50-day EMA resistance before fading through Monday hours. A break of the 50-day EMA, at $370.32, would strengthen S/T bullish conditions and pave the way for $385.00, the Jun 28 high. Nonetheless, the broader downtrend condition remains intact and the current bull cycle is likely a correction. Initial support to watch is $341.60, Aug 4 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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