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(K3) Pullback Considered Corrective

COPPER TECHS
  • RES 4: $447.20 - High Jun 6 2022 (cont)
  • RES 3: $435.90 - Jan 18 high and the bull trigger
  • RES 2: $421.30 - Feb 21 high and a key resistance
  • RES 1: $414.85 - High Mar 24
  • PRICE: $401.80 @ 13:25 BST Apr 11
  • SUP 1: $392.60/382.20 - Low Apr 5 / Low Mar 16 and the bear trigger
  • 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 remain below the late March highs. The recent move lower is considered corrective - for now. Gains between Mar 16 - 24 highlight a bullish theme with moving average studies in a bull-mode position. A resumption of gains would signal scope for a climb towards $421.30, the Feb 21 high. On the downside, key support and the bear trigger to watch lies at $382.20, the Mar 16 low. A break would reinstate a bearish theme.

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