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(K4) Monitoring Support At The 50-Day EMA

COPPER TECHS
  • RES 4: $404.70 - High Jul 31, Aug 1 and a key resistance
  • RES 3: $400.00 - Psychological round number
  • RES 2: $398.60 - High Dec 27 and the bull trigger
  • RES 1: $391.70 - High Feb 23
  • PRICE: $385.65 @ 14:04 GMT Feb 29
  • SUP 1: $382.94/367.95 - 50-day EMA / Low Feb 9
  • SUP 2: $365.70 - Low Nov 10
  • SUP 3: $358.90 - Low Oct 23 and bear trigger
  • SUP 4: $350.54 - 76.4% of the Sep ‘22 - Jan ‘23 bull leg (cont)

Copper futures have pulled back from recent highs, however, a bullish outlook remains intact following recent impulsive gains. The contract has tested support around the 50-day EMA - at $382.94. A clear break of this average would signal scope for a deeper retracement, perhaps towards $367.95, the Feb 9 low. A resumption of gains would refocus attention on $398.60, the Dec 27 high and key resistance.

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