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(Z1) Bearish Risk Still Present

  • RES 4: $487.05 - High May 10 and the bull trigger
  • RES 3: $470.95 - High Jun 1
  • RES 2: $458.60 - High Jul 27 and key resistance
  • RES 1: $441.90 - High Aug 13
  • PRICE: $425.30 @ 14:09 BST Aug 17
  • SUP 1: $421.87 - Major trendline drawn from Mar 19, 2020 low (cont)
  • SUP 2: $416.55 - Low Jul 19
  • SUP 3: $411.00 - Low Jun 11 and the key support
  • SUP 4: $394.55 - Low Apr 1

Copper futures are lower today. Recent gains were considered corrective and a bearish short-term risk remains present. Support at $423.65, Aug 9 low has been breached and this signals scope for a deeper pullback towards $416.55, Jul 19 low and $411.00, Jun 21 low. The latter is the key support. Note $421.87 marks a key trendline support parameter drawn off the Mar 19, 2020 low. Key resistance is at $458.60, Jul 27 high.

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