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(Z2) Trading Closer To Its Recent Highs

COPPER TECHS
  • RES 4: $424.50 - High Jun 16
  • RES 3: $405.70 - Low May 12
  • RES 2: $385.80 - High Jun 28
  • RES 1: $372.30 - High Aug 12 and the bull trigger
  • PRICE: $366.60 @ 12:55 BST Aug 23
  • 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 continue to consolidate and remain closer to recent highs. Attention is on resistance at 372.30, the Aug 12 high and this is just above the 50-day EMA, currently at 369.42. Clearance of this resistance zone would open $385.80, the Jun 28 high. A reversal lower would instead expose first support at $342.80 instead, the Aug 4 low. A breach of this support would be bearish and represent a potential resumption of the 5 month downtrend.

Energy BulletsCommodities
Energy BulletsCommodities

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