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(Z1) Still Trading At Recent Lows

COPPER TECHS
  • RES 4: $500.00 - Psychological round number
  • RES 3: $490.68 - 1.764 proj of Aug 19 - Sep 13 - Sep 21 price swing
  • RES 2: $482.30/87.05 - High Oct 18 / High May 10 and the bull trigger
  • RES 1: $456.85 High Oct 25
  • PRICE: $439.50 @ 14:08 GMT Nov 2
  • SUP 1: $432.43 - 61.8% of Sep 21 - Oct 18 rally
  • SUP 2: $420.65 - 76.4% retracement of the Sep 21 - Oct 18 rally
  • SUP 3: $411.40 - Low Oct 6
  • SUP 4: $405.45/401.60 - Low Sep 30 / Low Sep 21

Copper futures are unchanged and trading at recent lows following the pullback that started Oct 18. Futures have recently cleared the 20-day EMA and the 50-day EMA. The clear break of the 50-day average signals scope for a deeper pullback and has opened 432.43, 61.8% of the Sep 21 - Oct 18 rally. The 76.4% level is at 420.65. Initial key resistance is at 482.30, Oct 18 high. First resistance is seen at 456.85, the Oct 25 high.

Energy BulletsCommodities
Energy BulletsCommodities

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