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(U3) Fade Off Highs Reinforces Strength of Key Resistance

COPPER TECHS
  • RES 4: $418.25 - High Apr 14
  • RES 3: $403.68 - 76.4% retracement of the Apr 14 - May 25 downleg
  • RES 2: $401.00 - High May 1
  • RES 1: $396.40 - High Jun 22, key resistance
  • PRICE: $379.10 @ 12:30 BST Jul 19
  • SUP 1: $368.30 - Low Jun 29 and a key support
  • SUP 2: $356.50 - Low May 24 / 25 and a bear trigger
  • SUP 3: $354.10 - Low Nov 28 2022 (cont)
  • SUP 4: $350.54 - 76.4% of the Sep 28 ‘22 - Jan 18 bull leg (cont)

Having traded higher last week, Copper futures faded off the Friday high, and are softer again on Wednesday. This reinforces the strength of the late June high as resistance, with prices looking more fragile after the failed move higher last week. Any clearance of the late June high would confirm a resumption of the bull cycle that started on May 24, and open $403.68, a Fibonacci retracement point. Key short-term support lies at $368.30, the Jun 29 low.

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