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(Z2) Clears Resistance

COPPER TECHS
  • RES 4: $447.45 - High Jun 7
  • RES 3: $424.50 - High Jun 16
  • RES 2: $405.70 - Low May 12
  • RES 1: $385.80 - High Jun 28
  • PRICE: $377.00 @ 13:10 BST Aug 26
  • SUP 1: $355.10/342.80 - Low Aug 18 / 4
  • SUP 2: $313.55 - Low Jul 15 and the bear trigger
  • SUP 3: $300.00 - Psychological round number
  • SUP 4: $279.40 - 2.00 proj of the Mar 7 - May 12 - Jun 3 price swing

Copper futures are trading higher today and this has resulted in a break of resistance at 372.30, the Aug 12 high and just above the 50-day EMA, currently at 369.25. Clearance of these resistance points confirms a resumption of the uptrend that started July 15 and has opened $385.80, the Jun 28 high. Key short-term support has been defined at 355.10, Aug 18 low. A break of this support would threaten the current bull cycle.

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