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(Z1) Clears The Key Bear Channel Top

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: $447.15 - Intraday high
  • PRICE: $442.55 @ 12:55 BST Sep 13
  • 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: $380.44 - Bear channel base drawn off the May 10 high

Copper futures rallied Friday and cleared resistance at; $441.80, Aug 30 high and $441.74, a bear channel top drawn from the May 10 high. The break of these two levels represents an important bullish breakout and signals scope for a stronger recovery towards $458.60 next, the Jul 27 high. On the downside, key short-term support is at $420.60. A break is required to dampen the current bullish sentiment.

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