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(Z3) Bounces Back Above Support

COPPER TECHS
  • RES 4: $403.75 - High Aug 1
  • RES 3: $390.85 - High Sep 1
  • RES 2: $385.15 - High Sep 15
  • RES 1: $378.60 - High Sep 29 and key short-term resistance
  • PRICE: $359.50 @ 13:47 BST Oct 10
  • SUP 1: $354.10 - Low Nov 28 2022 (cont)
  • SUP 2: $350.00 - Round number support
  • SUP 3: $345.75 - 2.00 proj of the Sep 1 - 8 - 15 price swing
  • SUP 4: $337.95 - Low Nov 3 2022 (cont)

Copper futures have rebounded after trading lower this week. Price last week breached key support at $358.60, the May 24 low. A clear break of this level would confirm a resumption of the medium-term downtrend that started on Jan 18. This would pave the way for a test of $354.10, the Nov 28 2022 low (cont). Key short-term resistance has been defined at $378.60, the Sep 29 high. A break would signal a possible short-term base.

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