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(K2) Trend Outlook Remains Bullish

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: $503.95 - Intraday high
  • PRICE: $487.40 @ 14:40 GMT Mar 7
  • SUP 1: $457.99/444.70 - 20-day EMA / Low Feb 24 and key 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 last week cleared the $470.00 handle and the Feb 10 high of $469.95 plus $474.15, the Oct 19, 2021 high. The contract has also traded higher again today but has pulled back. The clear breach of resistance last week strengthens bullish conditions. This has opened $488.80, May 10 2021 high (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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