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(Z2) Key Resistance Remains Exposed

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: $370.85/378.35 - High Nov 4 / High Aug 26 and bull trigger
  • PRICE: $364.75 @ 13:11 GMT Nov 8
  • SUP 1: $324.30 - Low Sep 28
  • 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 traded sharply higher Friday and in the process breached initial resistance at 359.30, the Oct 6 high. A continuation higher would threaten the recent bearish theme and note that key resistance is at 378.35, the Aug 26 high. Clearance of this level is required to highlight a stronger bullish reversal. On the downside, support lies at $324.30, the Sep 28 low. A break would instead confirm a resumption of bearish activity.

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