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Major Breakout In Copper

Published 17/10/2017, 10:26 am
Updated 06/07/2021, 05:05 pm

Originally published by AxiTrader

WTI broke back above $52 and is marching towards key resistance at $52.85. A clear break above that level would then pave the way for an extension of the rally towards at least $54. Techs are bullish, and further gains seem likely in the near-term. To the downside, expect solid support around $52.80.

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COCOA is still struggling with heavy resistance at $2085. Bulls are still waiting for a clear break above that level, which could then lead to a short squeeze. The next notable resistance would then lie at $2185. For support, keep an eye on the rising trendline from the July low.

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COFFEE is trading within a descending channel, and the short-term outlook is still negative. Resistance at $140 proved to be too strong, and the double top pattern there suggests we will see a test of $110/112 again in the near-term. Traders looking for short opportunities might want to keep an eye of $132.

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COPPER had another major breakout. Resistance at $3.20 was cleared and the commodity is likely to test $3.30 soon, which is where the 50 % Fibo of the 2010-2015 decline lies. Copper could struggle there on the first test, but should be able to eventually clear it as momentum remains strong.

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NATURAL GAS failed once again at the 200 DMA and is likely to test trendline support from the August low soon. A clear break below the line would then pave the way for a test of $2.70. Overall, selling rallies remains the preferred strategy and traders could keep an eye on the 21 DMA around $2.94 for immediate resistance.

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SOYBEAN had a major rally last week and while the downtrend remains intact for now, there is potential for a further recovery. A clear break above $1000 resistance could signal that a move towards $1080 could follow – although traders must expect imminent resistance around $1035.

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