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(K2) Lower But Remains 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: $466.85 @ 14:54 BST Apr 12
  • 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 traded lower Monday. Price however remains inside its current range. Futures recently found support at $446.85, Mar 15 low. A bullish doji candle reversal was confirmed at the Mar 15 close and this occurred at support around the 50-day EMA, currently at $463.05. The rally that followed reinforces the signal and opens $490.47, a Fibonacci retracement and $503.95, Mar 7 high. Sub $446.85 levels would be bearish.

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