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(Z1) Remains Below 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: $441.80/442.27 - High Aug 30 / Channel top from May 10 high
  • RES 1: $441.80/42.79 - High Aug 30
  • PRICE: $428.50 @ 12:48 BST Sep 9
  • SUP 1: $420.60 - Low Sep 8
  • SUP 2: $412.00 - Low Aug 23
  • SUP 3: $396.65/94.55 - Low Aug 19 / Low Apr 1
  • SUP 4: $382.02 - Bear channel base drawn off the May 10 high

Copper futures continue to trade below $441.80, Aug 30 high. Price has this week breached initial support at $423.05, Aug 26 low signalling scope for a deeper retracement. The recent pullback is potentially significant as it means a key resistance at $442.27 remains intact. This marks the top of a bear channel drawn from the May 5 high. A channel breakout is required to confirm a resumption of bullish strength.

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