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CORN TECHS

(N1) Needle Still Points North

SOY TECHS

(N1) Bullish Theme

COPPER TECHS

(K1) Breaks Out Of Its Recent Range

OPTIONS

Larger FX Option Pipeline

USD

Greenback Weakness Resumes into NY Hours

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  • RES 4: $454.00 - Weekly High Aug 5, 2011 (cont)
  • RES 3: $437.55 - High Feb 25 and the bull trigger
  • RES 2: $424.83 - 3% Upper Bollinger Band
  • RES 1: $419.00/422.75 - High Mar 15 / High Mar 2
  • PRICE: $407.65 @ 14:19 GMT Apr 8
  • SUP 1: $394.20 - Low Mar 25
  • SUP 2: $384.90 - Low Mar 4 and key support
  • SUP 3: $372.55 - Low Feb 12
  • SUP 4: $362.40 - Low Feb 8

Copper futures are still consolidating. Attention remains on support at $384.90, Mar 4 low. A break of this level is required to signal scope for a deeper retracement and extend the bearish reversal that occurred Feb 25. This would open $372.55, the Feb 12 low. Resistance is at $419.00, Mar 15 high. A break would expose the key resistance and bull trigger at $437.55.