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(Z3) Recent Pullback Appears To Be A Correction

COPPER TECHS


  • RES 4: $390.85 - High Sep 1
  • RES 3: $385.15 - High Sep 15
  • RES 2: $378.60 - High Sep 29 and key near-term resistance
  • RES 1: $372.55 - High Nov 6
  • PRICE: $362.75 @ 13:20 GMT Nov 13
  • SUP 1: $357.20/351.95 - Low Oct 26 / 23 and the bear trigger
  • 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)

The trend condition in Copper futures remains down, however, a bullish corrective cycle is still in play despite last week’s move lower. A resumption of gains would signal scope for an extension towards $378.60, the Sep 29 high. For bears, a stronger reversal lower would instead signal a resumption of the downtrend - the bear trigger lies at $351.95, the Oct 23 low. Clearance of this level would open $350.00 and below.

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