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(K1) Corrective Cycle Still In Play

COPPER TECHS
  • RES 4: $457.40 - 3% Upper Bollinger Band
  • RES 3: $454.00 - Weekly High Aug 5, 2011 (cont)
  • RES 2: $437.55 - High Feb 25 and the bull trigger
  • RES 1: $422.75 - High Mar 2
  • PRICE: $401.85 @ 13:25 GMT Mar 10
  • SUP 1: $384.90 - Low Mar 4
  • SUP 2: $380.94 - 50-day EMA
  • SUP 3: $372.55 - Low Feb 12
  • SUP 4: $362.40 - Low Feb 8

Copper is largely unchanged. Futures remain in a clear broader uptrend and the recent pullback from 437.55, Feb 25 high is still considered a correction. Following last week's move lower to $384.90 on Mar 4 though, it is still possible that a deeper corrective pullback may occur. A clear break of the 20-day EMA, under pressure again, would suggest scope for a move towards the 50-day EMA at $380.94. Initial resistance remains $422.75, Mar 2 high.

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