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(U3) Short-Term Recovery Exposes 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: $383.50 @ 12:23 BST Jul 17
  • 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 traded higher last week, but have faded off the Friday high. Nonetheless, the recent uptick undermines the recent bearish threat and a continuation higher would pave the way for a test of resistance at $396.40, the Jun 22 high. Clearance of this level 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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