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(U4) Resistance Remains Intact

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: $456.95 @ 14:15 BST Jul 4
  • 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

Copper futures are trading higher today. Despite this week’s gains, a bearish corrective cycle that started May 20, remains in play. The contract has recently traded below the 20- and 50-day EMAs. The breach suggests potential for a deeper retracement and a resumption of the bear leg would open $426.12, a Fibonacci retracement. Key resistance has been defined at $513.10, May 20 high. Initial resistance to watch is $496.40, the Jun 4 high.

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