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(K1) Corrective Cycle

COPPER TECHS
  • RES 4: $464.95 - Weekly High Feb 18, 2011 (cont)
  • RES 3: $461.26 - 3% Upper Bollinger Band
  • RES 2: $454.00 - Weekly High Aug 5, 2011 (cont)
  • RES 1: $437.55 - High Feb 25 and the bull trigger
  • PRICE: $415.35 @ 13:28 GMT Mar 3
  • SUP 1: $404.15 - Low Mar 2
  • SUP 2: $396.60 - 20-day EMA
  • SUP 3: $375.43 - 50-day EMA
  • SUP 4: $349.85 - Low Jan 28 and a key trend support

Copper remains in a clear broader uptrend and the pullback from last week's high of 437.55 is still considered a correction. It is possible that a deeper pullback may occur given the overbought condition in the trend. If this occurs, it would open the 20-day EMA at 396.60. Key resistance and the bull trigger has been defined $437.55, Feb 25 high where a break would resume the underlying uptrend and open $454.00 the weekly high Aug 5, 2011 (cont).

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