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(U4) Corrective Cycle Still 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: $469.40/513.10 - High Jun 4 / High May 20 and bull trigger
  • PRICE: $441.00 @ 13:11 BST Jun 25
  • SUP 1: $436.90- Low Jun 18
  • SUP 2: $426.12 - 61.8% retracement of the Feb 9 - May 20 bull cycle
  • SUP 3: $402.35 - Low Mar 27 and a key support
  • SUP 4: $385.80 - Low Mar 1

A corrective cycle in Copper futures that started May 20, remains in play and price is trading at its recent lows. The correction has resulted in a strong pullback from recent highs. The contract has traded through the 20-day EMA and this has been followed by a breach of the 50-day EMA. The break suggests potential for a deeper retracement towards $426.12, a Fibonacci retracement. Key resistance has been defined at $513.10, the May 20 high.

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