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(K3) Remains Vulnerable

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: $409.48 - 20-day EMA
  • PRICE: $398.55 @ 13:46 GMT Feb 27
  • 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. The average intersects at $402.26 and the break signals scope for a test of 392.91 next, a Fibonacci retracement. Further out, an extension would open the $380.00 handle. On the upside, key short-term resistance to watch is at $421.30, the Feb 21 high. A break would signal the end of the recent bear cycle and attention would turn to key resistance at $435.90, the Jan 18 high.

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