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(Z3) Bear Cycle Extends

COPPER TECHS
  • RES 4: $420.75 - High Feb 21
  • RES 3: $417.90 - High Apr 14 and a key resistance
  • RES 2: $403.75 - High Aug 1 and a key resistance
  • RES 1: $390.85/395.20 - High Sep 1 / High Aug 4
  • PRICE: $371.90 @ 13:08 BST Sep 8
  • SUP 1: $367.00 - Low Aug 17 and a key support
  • SUP 2: $358.60 - Low May 24 and a bear trigger
  • SUP 3: $354.10 - Low Nov 28 2022 (cont)
  • SUP 4: $350.00 - Round number support

Copper futures have been unable to hold on to their recent gains and the contract has pulled back from last week’s high of 390.85, on Sep 1. The move lower threatens the recent bullish theme and a continuation would signal scope for weakness towards the next key support at $367.00, the Aug 17 low. 390.85 has been defined as the key near-term resistance where a break is required to reinstate a bullish theme.

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