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(K1) Bull Rally Accelerates

COPPER TECHS
  • RES 4: $418.00 - High Sep 1, 2011 ((cont)
  • RES 3: $413.20 - High Sep 8, 2011 (cont)
  • RES 2: $411.50 - High Sep 9, 2011 (cont)
  • RES 1: $404.42 - 0.618 proj of Oct 2 - Jan 8 rally from Jan 28 low
  • PRICE: $402.40 @ 13:52 GMT Feb 19
  • SUP 1: $389.30 - Intraday low
  • SUP 2: $370.51 - 20-day EMA
  • SUP 3: $359.46 - 50-day EMA
  • SUP 4: $349.85 - Low Jan 28 and the bear trigger

Copper futures remain firm and the rally is extending once again today, even accelerating. Price has traded above the psychological 400.00 level today. With momentum studies bullish (but overbought) and moving average signals also pointing north, further gains are likely near-term. $400.90, 76.4% of the 2011 - 2016 downtrend has been breached today. This opens $411.50, Sep 9, 2011 high (cont). Initial support is at $389.30.

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