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(Z1) Corrective Phase

COPPER TECHS
  • RES 4: $458.60 - High Jul 27 and key resistance
  • RES 3: $447.01 - Bear channel top drawn off the May 10 high
  • RES 2: $441.90 - High Aug 13
  • RES 1: $431.61 - 50-day EMA
  • PRICE: $426.15 @ 12:39 BST Aug 26
  • SUP 1: $412.00 - Low Aug 23
  • SUP 2: $396.65/94.55 - Low Aug 19 / Low Apr 1
  • SUP 3: $386.24 - Bear channel base drawn off the May 10 high
  • SUP 4: $383.55 - Low Mar 4

Copper futures are holding onto recent gains and short-term conditions remain bullish. Note that this phase is still considered corrective. The next resistance is at the 50-day EMA that intersects at $431.61. A break of this average would suggest scope for a stronger climb towards $441.90, the Aug 13 high. On the downside, key support has been defined at $396.65, the Aug 19 low and is the bear trigger.

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