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(H3) Support At The 50-Day EMA Remains Intact

COPPER TECHS
  • RES 4: $457.65 - High Feb 2 2022
  • RES 3: $451.00 - 1.764 proj of Jul 15 - Aug 26 - Sep 28 price swing
  • RES 2: $440.00 - Round number resistance
  • RES 1: $435.50 - High Jan 18 and the bull trigger
  • PRICE: $402.10 @ 12:09 GMT Feb 15
  • SUP 1: $398.61 - 50-day EMA
  • SUP 2: $370.85 - Low Jan 4 and key support
  • SUP 3: $354.70 - Low Nov 28
  • SUP 4: $340.90 - Low Nov 4

Copper futures are consolidating and remain above support at the 50-day EMA for now, which intersects at 398.61. A break of the average is required to strengthen the recent bearish phase and signal scope for a deeper pullback. This would open the 380.00 handle and $370.85, the Jan 4 low and a key support. A reversal higher would instead signal the end of the recent pullback and attention would turn to the bull trigger at $435.50, the Jan 18 high.

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