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(K3) Corrective Bounce Extends

COPPER TECHS
  • 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: $403.00 @ 13:08 GMT Mar 22
  • 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. The contract has also recovered from recent lows - a likely correction. Firm resistance is seen at 407.75, the Mar 13 high where a breach is required to signal a reversal and expose $421.30, the Feb 21 high.

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