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(U3) Pierces 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: $398.05 - Intraday high
  • PRICE: $397.55 @ 13:18 BST Jul 31
  • 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 higher again today. Attention is on the key resistance at 396.40, the Jun 22 high. It has been pierced, a clear break would confirm a resumption of the uptrend that started May 24 and open $403.68, a Fibonacci retracement. On the downside, a key short-term support has been defined at $378.10, the Jul 19 low. Clearance of this level is required to reinstate a bearish threat.

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