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AUCTION PREVIEW: ACGB Apr-27 Supply Due

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(K1) Consolidation Mode

COPPER TECHS
  • RES 4: $454.00 - Weekly High Aug 5, 2011 (cont)
  • RES 3: $437.55 - High Feb 25 and the bull trigger
  • RES 2: $434.59 - 3% Upper Bollinger Band
  • RES 1: $422.75 - High Mar 2
  • PRICE: $407.40 @ 12:53 GMT Mar 24
  • SUP 1: $401.05 - Low Mar 19
  • SUP 2: $390.82/384.90 - 50-day EMA / Low Mar 4
  • SUP 3: $372.55 - Low Feb 12
  • SUP 4: $362.40 - Low Feb 8

Copper futures remain in a range and continue to consolidate. The recent pullback from 437.55, Feb 25 high is still considered a correction. However, following this downleg between Feb 25 - Mar 4, there still remains the possibility that a deeper corrective pullback unfolds. A clear break of the 20-day EMA, would suggest scope for a test of the 50-day EMA at $390.82 with the Mar 4 low at 384.90. Initial resistance is at $422.75, Mar 2 high.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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