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(K4) Corrective Cycle Still In Play

COPPER TECHS
Homepagemarkets-real-timeCommoditiesEnergy BulletsBulletEnergy Technical Analysis
  • RES 4: $430.25 - High Jan 23 2023 (cont)
  • RES 3: $423.70 - High Feb 21 2023 (cont)
  • RES 2: $419.55 - High Apr 14 2023 (cont)
  • RES 1: $416.40 - High Mar 18
  • PRICE: $399.80 @ 13:25 GMT Mar 28
  • SUP 1: $391.88 - 50-day EMA
  • 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 latest move lower appears to be a correction. Recent gains resulted in a clear breach of key $398.60, the Dec 27 high. This confirmed a resumption of the bull leg that started in Oct 2023. The $400.00 handle has been cleared and sights are on $419.55 next, the Apr 14 2023 high (cont). On the downside, key support is seen at $381.80, the Mar 1 low.
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  • RES 4: $430.25 - High Jan 23 2023 (cont)
  • RES 3: $423.70 - High Feb 21 2023 (cont)
  • RES 2: $419.55 - High Apr 14 2023 (cont)
  • RES 1: $416.40 - High Mar 18
  • PRICE: $399.80 @ 13:25 GMT Mar 28
  • SUP 1: $391.88 - 50-day EMA
  • 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 latest move lower appears to be a correction. Recent gains resulted in a clear breach of key $398.60, the Dec 27 high. This confirmed a resumption of the bull leg that started in Oct 2023. The $400.00 handle has been cleared and sights are on $419.55 next, the Apr 14 2023 high (cont). On the downside, key support is seen at $381.80, the Mar 1 low.