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Copper Prices Take Aim for May 2021 High Post Triangle Breakout

MCX:COPPER1!   Copper Futures
Copper futures are aiming for the May high at 812.60 after prices confirmed a breakout above a Descending Triangle chart formation.

The 200-day Simple Moving Average helped maintain the dominant uptrend as the red metal continues to consolidate since earlier this year.

A drop back under the July high at 768.50 could undermine upside progress, reorienting copper back towards the SMA.

Clearing the May high exposes the 78.6% Fibonacci extension at 851.8636 towards the 100% level at 900.60.

HG1!


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