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(Z1) Bear Flag Formation

COPPER TECHS
  • RES 4: $500.00 - Psychological round number
  • RES 3: $490.68 - 1.764 proj of Aug 19 - Sep 13 - Sep 21 price swing
  • RES 2: $482.30/87.05 - High Oct 18 / High May 10 and the bull trigger
  • RES 1: $456.85 High Oct 25
  • PRICE: $439.20 @ 12:23 GMT Nov 3
  • SUP 1: $432.43 - 61.8% of Sep 21 - Oct 18 rally
  • SUP 2: $420.65 - 76.4% retracement of the Sep 21 - Oct 18 rally
  • SUP 3: $411.40 - Low Oct 6
  • SUP 4: $405.45/401.60 - Low Sep 30 / Low Sep 21

Copper futures are trading in a range and continue to consolidate at recent lows. This consolidation has taken on the appearance of a bear flag. If correct, it reinforces current bearish conditions. The recent breach of the 20- and 50-day EMA signals scope for a deeper pullback and has opened 432.43, 61.8% of the Sep 21 - Oct 18 rally. The 76.4% level is at 420.65. First resistance is seen at 456.85, the Oct 25 high.

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