(K4) Trend Needle Points North

• RES 4: $447.20 - High Jun 6 2022(cont)
• RES 3: $439.52 - 1.236 proj of the Mar 1 - 18 - 27 price swing
• RES 2: $435.50 - High Jan 18 2023 (cont)
• RES 1: $433.50 - Intraday high
• PRICE: $426.300 @ 14:16 BST Apr 10
• SUP 1: $409.95/399.03 - 20- and 50-day EMA values
• SUP 2: $381.80/367.95 - Low Mar 1 / Low Feb 9
• SUP 3: $365.70 - Low Nov 10
• SUP 4: $358.90 - Low Oct 23 and bear trigger

A bullish theme in Copper futures remains intact and the contract is trading closer to its recent highs. Last week’s gains resulted in a break of $416.40, Mar 18 high, to confirm a resumption of the uptrend. This signals scope for a climb towards $435.50, the Jan 18 ‘23 high (cont). On the downside, key support is seen at $399.03, the 50-day EMA. A clear break of the average would highlight a potential reversal.