COPPER TECHS: (Z5) Bear Flag
- RES 4: $602.25 - High Jul 24 and a key resistance
- RES 3: $588.70 - High Jul 30
- RES 2: $550.00 - Low Jul 9 & 28
- RES 1: $479.16 - 50-day EMA
- PRICE: $459.80 @ 14:39 BST Sep 10
- SUP 1: $440.55 - Low Jul 31
- SUP 2: $418.85 - Low Apr 7 and the bear trigger
- SUP 3: $400.00 - Round number support
- SUP 4: $392.10 - Low Aug 7 2024 (cont)
Copper futures remain in consolidation mode. The sharp reversal down from the Jul 30 high cancels a recent bullish theme and instead highlights a bear threat. A continuation lower would signal scope for a test of key support at $418.85, the Apr 7 low. Clearance of this level would strengthen a bearish threat. Note that the most recent sideways move appears to be a flag - a bearish continuation pattern. Initial resistance is $479.16, the 50-day EMA.
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