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(K3) Corrective Bounce

COPPER TECHS
  • RES 4: $440.00 - Round number resistance
  • RES 3: $435.90 - Jan 18 high and the bull trigger
  • RES 2: $421.30 - Feb 21 high and a key resistance
  • RES 1: $408.68 - 20-day EMA
  • PRICE: $406.15 @ 13:51 GMT Feb 28
  • SUP 1: $392.91 - 38.2% retracement of the Sep 28 - Jan 18 bull cycle
  • SUP 2: $379.62 - 50.0% retracement of the Sep 28 - Jan 18 bull cycle
  • SUP 3: $371.80 - Low Jan 4
  • SUP 4: $366.34 - 61.8% retracement of the Sep 28 - Jan 18 bull cycle

Copper futures traded through support at the 50-day EMA last week, however, price has since recovered. The average intersects at $402.22. Recent weakness signals scope for a test of $392.91, a Fibonacci retracement. Further out, an extension would open $380.00. On the upside, key resistance to watch is $421.30, Feb 21 high. A break would signal the end of the recent bear cycle and attention would turn to $435.90, Jan 18 high.

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