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(K1) Probes The 20-Day EMA

COPPER TECHS
  • RES 4: $461.26 - 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: $408.00 @ 13:22 GMT Mar 4
  • SUP 1: $393.00 - Intraday low
  • SUP 2: $389.30 - Low Feb 19
  • SUP 3: $376.95 - 50-day EMA
  • SUP 4: $372.55 - Low Feb 12

Copper remains in a clear broader uptrend and the pullback from last week's high of 437.55 is still considered a correction. Following yesterday's move lower though, it is still possible that a deeper pullback may occur given the overbought condition in the trend. A clear break of the 20-day EMA at 399.05 would suggest scope for a move towards the 50-day EMA at $376.95. Initial resistance is $422.75, Mar 2 high. Key resistance is $437.55, Feb 25 high.

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