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(K2) Trend Outlook Remains Bullish Despite A Pullback

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 - High Mar 7
  • PRICE: $470.65 @ 13:26 GMT Mar 8
  • SUP 1: $459.43/444.70 - 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 are trading in a volatile manner. Despite this week’s pullback, the outlook remains bullish. Last week’s break of the Feb 10 high of $469.95 and $474.15, the Oct 19, 2021 high reinforces the bullish condition. This has opened, $506.14, a Fibonacci projection. On the downside, key short-term support has been defined at $444.70, the Feb 24 low. Clearance of this level would signal a possible top.

Energy BulletsCommodities
Energy BulletsCommodities

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