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(K2) Bullish Focus
- RES 4: $520.00 - Round number resistance
- RES 3: $513.12 - 1.764proj of the Dec 15 - Jan 12 - 31 price swing
- RES 2: $506.14 - 1.618 proj of the Dec 15 - Jan 12 - 31 price swing
- RES 1: $478.85/503.95 - High Mar 9 / High Mar 7 and the bull trigger
- PRICE: $473.80 @ 13:27 GMT Mar 23
- 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 found support last week at 446.85, the Mar 15 low. Indications were that Mar 15 marked a S/T reversal once a doji candle formation was confirmed at the close. Importantly this also occurred just below the 50-day EMA, currently at $455.07. The rally that has followed reinforces the reversal condition. An extension higher would open $478.85, Mar 9 high and if breached, $503.95, Mar 7 high. A break of $446.85 resumes the downtrend.
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