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(K2) Back Inside Its Range

COPPER TECHS
  • RES 4: $513.12 - 1.764proj of the Dec 15 - Jan 12 - 31 price swing
  • RES 3: $506.14 - 1.618 proj of the Dec 15 - Jan 12 - 31 price swing
  • RES 2: $503.95 - High Mar 7 and the bull trigger
  • RES 1: $490.47 - 76.4% retracement of the Mar 7 - 15 downleg
  • PRICE: $476.95 @ 13:55 BST Apr 6
  • SUP 1: $446.85/444.70 - Low Mar 15 / Low Feb 24
  • SUP 2: $428.80 - Low Jan 31 and a key support
  • SUP 3: $422.70 - Low Dec 20
  • SUP 4: $400.90 - Low Sep 21

Copper futures have moved back into its range. Futures recently found support at $446.85, Mar 15 low. A bullish reversal pattern was confirmed on this day - a doji candle - and this occurred at support around the 50-day EMA. currently at $461.89. The rally that followed reinforces the signal and opens $490.47, a Fibonacci retracement and $503.95, Mar 7 high and key resistance. A break of $446.85 would instead reinstate a bearish theme.

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