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(K2) Still Climbing

COPPER TECHS
  • RES 4: $506.14 - 1.618 proj of the Dec 15 - Jan 12 - 31 price swing
  • RES 3: $500.00 - Psychological round number
  • RES 2: $494.86 - 1.382 proj of the Dec 15 - Jan 12 - 31 price swing
  • RES 1: $488.80 - Hi May 10 2021 (cont)
  • PRICE: $486 05 @ 14:11 GMT Mar 4
  • SUP 1: $444.70 - Low Feb 24 and key short-term support
  • SUP 2: $428.80 - Low Jan 31
  • SUP 3: $422.70 - Low Dec 20
  • SUP 4: $411.65 - Low Dec 15 and key support

Copper futures have this week cleared the $470.00 handle and the Feb 10 high of $469.95. The clear breach of this resistance strengthens bullish conditions and has also resulted in a move above $474.15, the Oct 19, 2021 high and a key resistance. This has opened $488.80, May 10 high 2021 (cont) and $494.86, a Fibonacci projection level. On the downside, key short-term support has been defined at $444.70, the Feb 24 low.

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