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(U3) Remains Below 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 and key resistance
  • PRICE: $380.60 @ 13:34 BST Jul 24
  • 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)

Copper futures are trading closer to last week’s lows. A bearish extension would signal scope for weakness towards key short-term support at $368.30, the Jun 29 low. From a bullish perspective, key short-term resistance has been defined at 396.40, the Jun 22 high. Clearance of this level would confirm a resumption of the uptrend that started May 24. This would open $403.68, a Fibonacci retracement.

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