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(Z3) Bull Cycle Remains In Play

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: $395.20 - High Aug 4
  • PRICE: $383.10 @ 13:56 BST Sep 4
  • SUP 1: $376.55/367.00 - Low Aug 25 / 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 traded higher last week. The latest recovery threatens the recent bearish theme and instead signals scope for a climb towards $395.20, the Aug 4 high, and potentially towards key resistance at $403.75, the Aug 1 high. A break of this level would strengthen bullish conditions. On the downside, key support is at $367.00, the Aug 17 low. A breach would reinstate a bearish case.

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