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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: $444.50 @ 13:26 BST Jul 2
  • SUP 1: $432.90 - Low Jun 27
  • 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 traded lower last week extending the correction that started off the May highs. The contract has recently cleared the 20-day EMA and this was followed by a breach of the 50-day EMA. The breach 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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