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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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(K1) Still Trading Sideways

  • RES 4: $454.00 - Weekly High Aug 5, 2011 (cont)
  • RES 3: $437.55 - High Feb 25 and the bull trigger
  • RES 2: $435.39 - 3% Upper Bollinger Band
  • RES 1: $422.75 - High Mar 2
  • PRICE: $408.60 @ 12:18 GMT Mar 23
  • SUP 1: $406.00 - Intraday low and just below the 20-day EMA
  • SUP 2: $390.12/384.90 - 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 $390.12 with the Mar 4 low at 384.90. Initial resistance is at $422.75, Mar 2 high.

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