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(Z3) Strong Corrective Bounce

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: $378.19 - 50-day EMA
  • PRICE: $376.25 @ 13:25 BST Sep 29
  • SUP 1: $652.40/358.60 - Low Sep 27 / Low May 24 and a bear trigger
  • SUP 2: $354.10 - Low Nov 28 2022 (cont)
  • SUP 3: $350.00 - Round number support
  • SUP 4: $345.75 - 2.00 proj of the Sep 1 - 8 - 15 price swing

Copper futures have recovered from this week’s low. For now, the move higher is considered corrective, however, price is approaching the 50-day EMA, at $387.19. A clear break of this average would be a bullish development and undermine the recent bearish theme. This would open $385.15, the Sep 15 high. On the downside, clearance of 358.60, the May 24 low, would confirm a resumption of the downtrend.

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