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Free Access(K3) Corrective Bounce
- RES 4: $447.20 - High Jun 6 2022
- RES 3: $435.90 - Jan 18 high and the bull trigger
- RES 2: $421.30 - Feb 21 high and a key resistance
- RES 1: $407.75 - High Mar 13
- PRICE: $400.60 @ 14:11 GMT Mar 21
- SUP 1: $382.20 - Low Mar 16
- 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 lower last week and confirmed a resumption of the downtrend that started on Jan 18. The break of 393.70, Feb 27 low, maintains the bearish price sequence of lower lows and lower highs and opens 379.62, a Fibonacci retracement. Firm resistance is seen at 407.75, the Mar 13 high where a breach is required to signal a reversal. This would expose $421.30, the Feb 21 high. Recent gains are considered corrective.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.