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(K2) The 50-Day EMA As Support, Remains Intact

  • 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: $456.20 @ 13:50 GMT Mar 11
  • SUP 1: $455.30/52.33 - Low Mar 9 / 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 this week pulled back sharply from Monday’s high of $503.95. The move lower 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 452.33, 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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