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(K4) Pullback Considered Corrective

COPPER TECHS
  • 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: $405.50 @ 14:01 GMT Mar 20
  • SUP 1: $398.60 - High Dec 27 ‘23 and a recent breakout level
  • 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
Copper futures traded sharply higher last week. That rally resulted in a clear breach of key resistance at $398.60, the Dec 27 high. This confirms a resumption of the bull leg that started in Oct last year. 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. The latest pullback is considered corrective.
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