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(K2) Remains Above The 50-Day EMA
- 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: $503.95 - High Mar 7 and the bull trigger
- PRICE: $467.65 @ 13:42 GMT Mar 10
- SUP 1: $455.30/51.80 - Intraday low / 50-day EMA
- SUP 2: $444.70 - Low Feb 24
- SUP 3: $428.80 - Low Jan 31 and a key support
- SUP 4: $422.70 - Low Dec 20
Copper futures have pulled back sharply from Monday’s high of $503.95. The pullback is likely a correction though - moving average studies continue to suggest the trend remains up. Price has traded below the 20-day EMA. The 50-day EMA, at 451.80, is seen as a firmer support though. A rebound in price action would refocus attention on $503.95, the bull trigger. Clearance of this level would confirm a resumption of the uptrend.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.