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(K2) Is Through The 50-Day EMA

COPPER TECHS
  • 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: $447.80 @ 13:44 GMT Mar 15
  • SUP 1: $444.70 - 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 continue to retrace recent gains and extend the pullback from $503.95, the Mar 7 high. The contract has cleared both the 20- and 50-day EMAs to signal scope for a continuation lower. Attention is on support at 444.70, the Feb 24 low. A reversal higher would refocus attention on resistance at $503.95 where a break would confirm a resumption of the broader uptrend.

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