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(Z0) Focus Is On Key Resistance

COPPER TECHS
  • RES 4: $332.20 - High Dec 28, 2017 (cont)
  • RES 3: $331.55 - High Jun 7, 2018 (cont)
  • RES 2: $327.15 - High Jun 13, 2018 (cont)
  • RES 1: $321.80 - High Oct 21 and the bull trigger
  • PRICE: $313.05 @ 12:02 GMT Nov 10
  • SUP 1: $308.00 Low Nov 5
  • SUP 2: $302.80 - Low Nov 2 and the bear trigger
  • SUP 3: $298.10 - 61.8% retracement of the Oct 2 - 21 rally
  • SUP 4: $292.50 - 76.4% retracement of the Oct 2 - 21 rally

Copper futures extended gains yesterday and the recovery off the Nov 2 low of $302.80, Oct 21 high before finding resistance at the day high. The focus is on $321.80, Oct 21 high. A break of this level would confirm the end of the recent corrective phase and highlight a resumption of the bull trend instead. This would open $327.15 next, Jun 13, 2018 high (cont). Key support has been defined at $302.80, a break is required to reinstate a S/T bearish threat.

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