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(U3) Pullback Considered Corrective

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: $387.20 @ 13:16 BST Aug 2
  • 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 traded higher yesterday and touched a fresh short-term high $402.40. Price has since pulled back. The 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 confirms a resumption of the uptrend that started May 24 and opens $403.68, a Fibonacci retracement. A key short-term support has been defined at $378.10, the Jul 19 low.

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