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(Z1) Approaching The Key Bear Channel Top

COPPER TECHS
  • RES 4: $458.60 - High Jul 27 and key resistance
  • RES 3: $452.80 - High Jul 30.
  • RES 2: $443.98 - 76.4% retracement of the Jul 27 - Aug 19 sell-off
  • RES 1: $441.74/80 - Channel top from May 10 high / High Aug 30
  • PRICE: $436.85 @ 12:55 BST Sep 10
  • SUP 1: $420.60 - Low Sep 8 and key near-term support
  • SUP 2: $412.00 - Low Aug 23
  • SUP 3: $396.65/94.55 - Low Aug 19 / Low Apr 1
  • SUP 4: $380.97 - Bear channel base drawn off the May 10 high

Copper futures are firmer today. Attention is on resistance at $441.80 that lies just above the top of a bear channel top drawn from the May 10 high. The channel intersects at $441.74. A break of these two levels would represent an important bullish breakout and signal scope for a stronger recovery. This would open $458.60, the Jul 27 high. On the downside, support is at $420.60. Bear will be looking for this level to break.

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