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(K1) Corrective Pullback

COPPER TECHS
  • RES 4: $464.95 - Weekly High Feb 18, 2011 (cont)
  • RES 3: $459.01 - 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: $413.65 @ 13:59 GMT Mar 1
  • SUP 1: $406.65 - Low Feb 22
  • SUP 2: $392.07 - 20-day EMA
  • SUP 3: $371.98 - 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 considered a correction. It is possible that a deeper pullback may follow given the overbought condition in the trend. If this occurs, it would open the 20-day EMA at 392.07. 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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