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(Z2) Reversal Strengthens A Bearish Threat

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: $378.35 - High Aug 26 and the bull trigger
  • PRICE: $349.10 @ 14:34 BST Aug 31
  • SUP 1: $342.80 - Low Aug 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 traded higher Friday but failed to hold onto the day’s gains and have reversed lower instead. This week’s move lower has resulted in a break of $355.10, the Aug 18 low. This activity undermines the recent bullish theme and instead highlights a potential reversal and signals scope for a deeper pullback. Attention is on $342.80 next, the Aug 4 low. Key resistance is at $378.35, Friday’s high. A break is required to reinstate a bullish theme.

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