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(K4) Bull Cycle Remains In Play

COPPER TECHS
  • RES 4: $457.78 - 1.7654 proj of the Mar 1 - 18 - 27 price swing
  • RES 3: $452.73 - 1.618 proj of the Mar 1 - 18 - 27 price swing
  • RES 2: $447.20 - High Jun 6 2022 (cont)
  • RES 1: $439.65 - High Apr 15
  • PRICE: $430.40 @ 13:20 BST Apr 16
  • SUP 1: $416.46/403.53 - 20- and 50-day EMA values
  • SUP 2: $381.80/367.95 - Low Mar 1 / Low Feb 9
  • SUP 3: $365.70 - Low Nov 10
  • SUP 4: $358.90 - Low Oct 23 and bear trigger

A bullish theme in Copper futures remains intact and the contract has traded to a fresh trend high Monday. Recent gains resulted in a break of $416.40, the Mar 18 high, to confirm a resumption of the uptrend. Scope is seen for a climb towards $444.57 next, a Fibonacci projection. On the downside, key support is seen at $403.53, the 50-day EMA. A clear break of the average would highlight a potential reversal.

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