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(Z1) Remains Below Recent Highs

COPPER TECHS
  • RES 4: $458.60 - High Jul 27 and key resistance
  • RES 3: $452.80 - High Jul 30.
  • RES 2: $444.38 - Bear channel top drawn off the May 10 high
  • RES 1: $441.80 - High Aug 30
  • PRICE: $428.00 @ 12:58 BST Sep 2
  • 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: $384.13 - Bear channel base drawn off the May 10 high

Copper futures have pulled away from $441.80, Aug 30 high and the price has moved below the 50-day EMA. The pullback is potentially significant as it means a key resistance at $444.38 has not been challenged, the top of a bear channel drawn from the May 5 high. A deeper pullback would expose $423.05, Aug 26 low. A breach of this support would signal scope for an extension lower. A channel breakout is required to strengthen a bullish case.

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