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(U3) Outlook Appears Bearish

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: $382.25/96.40 - Intraday high / High Jun 22, key resistance
  • PRICE: $376.75 @ 13:23 BST Jul 11
  • SUP 1: $368.30 - Low Jun 29
  • SUP 2: $356.50 - Low May 24 / 25 and key support
  • 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)

Copper futures remain soft following the sell-off between Jun 22 - 29 and recent gains are considered corrective. The move down since Jun 22 could be a reversal signal that suggests the recent May 24 - Jun 22 bull cycle is over. Price has breached 374.45, the Jun 8 low. The break strengthens a bearish threat and exposes $356.50, May 24 / 25 low. On the upside, a break of 396.40, the Jun 22 high, would mark a resumption of the recent uptrend.

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