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(Z1) Approaching The Bull Trigger

COPPER TECHS
  • RES 4: $502.60 - 2.00 proj of Aug 19 - Sep 13 - Sep 21 price swing
  • RES 3: $500.00 - Psychological round number
  • RES 2: $490.68 - 1.764 proj of Aug 19 - Sep 13 - Sep 21 price swing
  • RES 1: $487.05 - High May 10 and the bull trigger
  • PRICE: $475.75 @ 13:18 BST Oct 15
  • SUP 1: $448.30 - Low Oct 14
  • SUP 2: $428.65 - Low Oct 12
  • SUP 3: $411.40 - Low Oct 6
  • SUP 4: $405.45/401.60 - Low Sep 30 / Low Sep 21

Copper has traded higher again today and just short of key resistance at $487.05, the May 10 high and the bull trigger. A strong bullish condition was confirmed last week following the break of resistance at $430.68, a bear channel top drawn from the May 10 high. This signals a resumption of the broader uptrend and a break of $487.05 would confirm this. This would open 490.68, a Fibonacci projection. Support is at $448.30.

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