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(Z2) Short-Term Reversal?

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
  • PRICE: $358.40 @ 13:07 BST Aug 29
  • 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 traded higher Friday but failed to hold onto the day’s gains and reversed lower instead. Attention turns to support at $355.10, the Aug 18 low. A break of this support would undermine the recent bullish theme and instead would highlight a potential reversal and signal scope for a deeper pullback. This would open $342.80, the Aug 4 low. Key short-term resistance is at $378.35, Friday’s high. A break would reinstate a bullish theme.

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