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COPPER (LME 3 Months)

Technical studies have deteriorated significantly with prices breaking decisively to the downside from recent reconsolidation patterns confirming resumption of the main bear cycle. Believe the historically important 6030/50 region is likely to come under strong examination in the days/weeks ahead. Interim support should be anticipated in and around the 6030/50 zone although immediate recovery attempts should be restricted to potentially sharp but probably short lived corrective bounces only for the time being with resistances now visible starting at 6350/70 then 6540/60 with a close above here needed to relieve pressure.


While the underlying bullish outlook is undisturbed with higher targets still readable in the week’s ahead, interim resistance in and around the 2070/80 area is proving…..