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(K4) Resumes Its Uptrend

COPPER TECHS
  • RES 4: $439.52 - 1.236 proj of the Mar 1 - 18 - 27 price swimg
  • RES 3: $435.60 - High Jan 18 2023 (cont)
  • RES 2: $430.25 - High Jan 23 2023 (cont)
  • RES 1: $425.65 - Intraday high
  • PRICE: $422.70 @ 14:17 GMT Apr 4
  • SUP 1: $394.31 - 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 move lower between Mar 18 - 27, has been a correction. Yesterday’s climb resulted in a break of resistance at $416.40, the Mar 18 high, to confirm a resumption of the uptrend. This signals scope for a climb towards $430.25, the Jan 23 ‘23 high. On the downside, key support is seen at $394.31, the 50-day EMA. A clear break of the average would highlight a potential reversal.

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  • RES 4: $439.52 - 1.236 proj of the Mar 1 - 18 - 27 price swimg
  • RES 3: $435.60 - High Jan 18 2023 (cont)
  • RES 2: $430.25 - High Jan 23 2023 (cont)
  • RES 1: $425.65 - Intraday high
  • PRICE: $422.70 @ 14:17 GMT Apr 4
  • SUP 1: $394.31 - 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 move lower between Mar 18 - 27, has been a correction. Yesterday’s climb resulted in a break of resistance at $416.40, the Mar 18 high, to confirm a resumption of the uptrend. This signals scope for a climb towards $430.25, the Jan 23 ‘23 high. On the downside, key support is seen at $394.31, the 50-day EMA. A clear break of the average would highlight a potential reversal.