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(U4) Corrective Bear Cycle Remains In Play

COPPER TECHS
  • RES 4: $538.15 - 4.00 proj of the Mar 1 - 18 - 27 price swing
  • RES 3: $530.14 - 3.7648 proj of the Mar 1 - 18 - 27 price swing
  • RES 2: $521.17 - 3.50 proj of the Mar 1 - 18 - 27 price swing
  • RES 1: $513.10 - High May 20 and the bull trigger
  • PRICE: $446.90 @ 13:34 BST Jun 14
  • SUP 1: $442.80 - Low Apr 23
  • SUP 2: $402.35 - Low Mar 27 and a key support
  • SUP 3: $385.80 - Low Mar 1
  • SUP 4: $372.35 - Low Feb 9

Copper futures are unchanged. A corrective cycle that started May 20 remains in play and has resulted in a strong pullback recently. The contract has traded through the 20-day EMA and this has been followed by a breach of the 50-day. The break suggests potential for a deeper retracement and opens $442.80 next, the Apr 23 low. Key resistance has been defined at 513.10, the May 20 high. Clearance of this level would resume the uptrend.

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