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(Z1) Eyeing The Bear Channel Top

COPPER TECHS
  • RES 4: $458.60 - High Jul 27 and key resistance
  • RES 3: $452.80 - High Jul 30.
  • RES 2: $445.43 - Bear channel top drawn off the May 10 high
  • RES 1: $441.80 - High Aug 30
  • PRICE: $437.30 @ 13:18 BST Aug 31
  • SUP 1: $423.05 - Low Aug 26
  • SUP 2: $412.00 - Low Aug 23
  • SUP 3: $396.65/94.55 - Low Aug 19 / Low Apr 1
  • SUP 4: $384.66 - Bear channel base drawn off the May 10 high

Copper futures yesterday added to recent gains. Note that this upward cycle is still likely a short-term correction. Price however has cleared the 20- and 50-day EMAs and this has exposed resistance at $445.43, the top of a bear channel drawn off the Oct 10 high. A breakout of the channel would highlight a stronger bullish theme exposing $458.60 further out, the Jul 27 high. $423.05 marks initial firm support, Aug 26 low.

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