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(U3) Corrective Cycle Still In Play

COPPER TECHS
  • RES 4: $430.10 - High Jan 23
  • RES 3: $420.85 - High Feb 21
  • RES 2: $418.25 - High Apr 14 and a key resistance
  • RES 1: $403.68 - 76.4% retracement of the Apr 14 - May 25 downleg
  • PRICE: $385.75 @ 13:08 BST Aug 7
  • SUP 1: $378.10 - Low Jul 19 and a reversal trigger
  • SUP 2: $368.30 - Low Jun 29 and a key support
  • SUP 3: $356.50 - Low May 24 / 25 and a bear trigger
  • SUP 4: $354.10 - Low Nov 28 2022 (cont)

Copper futures are trading closer to their most recent lows. The latest move lower is, for now, considered corrective and the trend outlook remains bullish. Key resistance at 396.40, the Jun 22 high, has recently been cleared. This confirmed a resumption of the uptrend that started May 24 and has opened $403.68, a Fibonacci retracement. A key short-term support has been defined at $378.10, the Jul 19 low.

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