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(U2) Trend Condition Remains Bearish

COPPER TECHS
  • RES 4: $447.05 - High Jun 7
  • RES 3: $408.54 - 50-day EMA
  • RES 2: $385.00 - High Jun 28
  • RES 1: $381.35 - 20-day EMA
  • PRICE: $351.15 @ 13:07 BST Jul 8
  • SUP 1: $346.90 - Low Jul 8
  • SUP 2: $326.12 - 1.618 proj of Apr 18 - May 12 - Jun 3 price swing
  • SUP 3: $314.41 - 61.85% of the Mar ‘20 - Mar ‘22 rally (cont)
  • SUP 4: $300.00 - Psychological round number

Copper futures are trading above last week’s lows however short-term gains are considered corrective and the trend condition remains bearish. Fresh lows last week mark another resumption of the current bear leg and this sets the scene for an extension lower. The focus is on 326.12 next, a Fibonacci projection. Firm resistance is seen at $385.00, the Jun 28 high. A break would ease the current bearish threat.

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