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(U2) Trading Below $400.00

COPPER TECHS
  • RES 4: $474.15 - High Apr 21
  • RES 3: $458.55 - High Jun 3 and a key resistance
  • RES 2: $435.48 - 50-day EMA
  • RES 1: $425.77 - 20-day EMA
  • PRICE: $391.00 @ 13:16 BST Jun 22
  • SUP 1: $390.20 - Intraday low
  • SUP 2: $386.79 - 38.2% retrace of the 2020 - 2022 bull run ((cont)
  • SUP 3: $376.70 - 0.10 proj of Apr 18 - May 12 - Jun 3 price swing
  • SUP 4: $357.38 - 1.236 proj of Apr 18 - May 12 - Jun 3 price swing

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. A clear break of this area would strengthen short bearish conditions and also potentially highlight a more significant medium-term reversal. On the upside, initial firm resistance is seen at $425.77, the 20-day EMA.

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