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(K1) Bull Run

COPPER TECHS
  • RES 4: $464.95 - Weekly High Feb 18, 2011 (cont)
  • RES 3: $454.00 - Weekly High Aug 5, 2011 (cont)
  • RES 2: $431.81 - 3% Upper Bollinger Band
  • RES 1: $422.45 - 0.618 proj of Oct 2 - Jan 8 rally from Jan 28 low
  • PRICE: $413.40 @ 12:32 GMT Feb 22
  • SUP 1: $406.65 - Low Feb 22
  • 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 on a tear, with new cycle and multi-year highs posted early Tuesday. Price has traded above the psychological 400.00 level as well as all nearby Fib projections. With momentum studies bullish (but overbought) and moving average signals also pointing north, further gains are likely near-term. $431.81, the 3% Upper Bollinger Band, appears to have provided some resistance, but a clear through here opens up the 2011 highs of 464.95 longer-term.

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