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(H4) Recovery Extends

COPPER TECHS
  • RES 4: $404.45 - High Aug 1 and a key resistance
  • RES 3: $400.00 - Psychological round number
  • RES 2: $397.40 - High Dec 27 and the bull trigger
  • RES 1: $390.55 - High Feb 21
  • PRICE: $390.25 @ 14:36 GMT Feb 21
  • SUP 1: $365.50 - Low Feb 9
  • SUP 2: $362.60 - Low Nov 13
  • SUP 3: $355.75 - Low Oct 23 and bear trigger
  • SUP 4: $350.54 - 76.4% of the Sep ‘22 - Jan ‘23 bull leg (cont)

The strong recovery across Copper futures persists headed through the Wednesday session, with prices again narrowing the gap with the bear trigger at 397.40. The pace of the upside also suggests scope for a continuation higher near-term. The contract has traded above both the 20- and 50-day EMAs. This highlights a stronger short-term bull cycle and a continuation would potentially expose $397.40, the Dec 27 high. A reversal lower and a break of $365.5, would reinstate a bearish theme.

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