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(K3) Support Holds

COPPER TECHS
  • RES 4: $447.20 - High Jun 6 2022
  • RES 3: $440.00 - Round number resistance
  • RES 2: $435.90 - Jan 18 high and the bull trigger
  • RES 1: $421.30 - Feb 21 high and a key resistance
  • PRICE: $403.85 @ 13:11 GMT Mar 14
  • SUP 1: $393.70/392.15 - Low Feb 27 and bear trigger / Intraday low
  • 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 are consolidating and price remains below recent highs. A key support lies at $393.70, the Feb 27 low. It has been pierced, however, a clear break is required to reinstate a recent bearish theme. For now, attention is on resistance at $421.30, Feb 21 high. Clearance of this level would strengthen a bullish case and open $435.90, the Jan 18 high and key resistance. A break of $435.90 would resume the uptrend that started in July last year.

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