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(Z3) Corrective Cycle Still In Play

  • 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: $384.25 - High Aug 23
  • PRICE: $380.75 @ 13:26 BST Aug 24
  • SUP 1: $367.00 - Low Aug 17
  • 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 maintain a short-term bearish tone and recent gains appear to be corrective - for now. The sell-off that started Aug 1 resulted in a test of support at $369.45, the Jun 29 low. A clear break of this level would strengthen a bearish threat and open $358.60, the May 24 low and a key support. Key resistance has been defined at $403.75, the Aug 1 high. Clearance of this level is required to reinstate a bullish theme.

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