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(Z1) Channel Resistance Remains Exposed

COPPER TECHS
  • RES 4: $470.95 - High Jun 1
  • RES 3: $458.60 - High Jul 27 and key resistance
  • RES 2: $452.80 - High Jul 30
  • RES 1: $432.78/447.15 - Channel top / High Sep 13 and bull trigger
  • PRICE: $419.60 @ 13:50 BST Oct 5
  • SUP 1: $405.45/401.60 - Low Sep 30 / Low Sep 21
  • SUP 2: $396.65/94.55 - Low Aug 19 / Low Apr 1
  • SUP 3: $383.55 - Low Mar 4
  • SUP 4: $373.07 - Bear channel base drawn from the May 10 high

Copper futures started the week on a firmer note following the rebound from Thursday's 405.45 low. Attention is on the key bear channel resistance that intersects at $432.78 today. The channel is drawn from the May 10 high. A clear break higher would represent a strong bullish development and open 447.15, the Sep 13 high and a bull trigger. $405.45 is firm support.

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