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(U4) Short-Term Gains Appear To Be Corrective For Now

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: $469.95/513.10 - Intraday high / High May 20 and bull trigger
  • PRICE: $467.10 @ 13:10 BST Jul 5
  • 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 $489.25, May 29 high.

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