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(Z1) Corrective Bounce

COPPER TECHS
  • RES 4: $458.60 - High Jul 27 and key resistance
  • RES 3: $441.90 - High Aug 13
  • RES 2: $432.41 - 50-day EMA
  • RES 1: $424.39 - Former trendline drawn off the Mar 19, 2020 low
  • PRICE: $420.40 @ 13:09 BST Aug 23
  • SUP 1: $396.65/94.55 - Low Aug 19 / Low Apr 1
  • SUP 2: $387.82 - Bear channel base drawn off the May 10 high
  • SUP 3: $383.55 - Low Mar 4
  • SUP 4: $373.35 - High Jan 8

Copper futures maintain a bearish tone despite today's extension higher. A bearish theme follows last week's move through $422.50, a key trendline support drawn off the Mar 19, 2020 low. The move below this trendline highlights an important technical break and reinforces bearish conditions. A resumption of weakness would open $394.55, Apr 1 low and $387.82, a bear channel base. Resistance is at $424.39, the former trendline support.

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