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COPPER TECHS: (K5) Bull Cycle Extension

COPPER TECHS
Metals Technical AnalysisCommodities TechBulletCommodities
  • RES 4: $525.21 - 2.236 proj of the Jan 2 - 17 - Feb 3 price swing
  • RES 3: $520.00 - Round number resistance 
  • RES 2: $514.40 - 2.00 proj of the Jan 2 - 17 - Feb 3 price swing        
  • RES 1: $503.59 - 1.764 proj of the Jan 2 - 17 - Feb 3 price swing 
  • PRICE: $499.75 @ 14:55 GMT Mar 18 
  • SUP 1: $472.72/457.57 - 20 - and 50-day EMA values       
  • SUP 2: $451.15 - Low Feb 28
  • SUP 3: $422.80 - Low Feb 3 and key support      
  • SUP 4: $403.85 - Low Jan 2 and a bear trigger     

A bull cycle in Copper futures remains in play, and the latest pullback has proved to be a correction. Last week’s gains and this week’s follow through, reinforce a bullish theme - the move higher has delivered a print above 488.50, the Feb 14 high and a bull trigger. A clear break of this level confirms a resumption of the uptrend and opens the $503.59 next, a Fibonacci projection. Support to watch is $457.57, the 50-day EMA.

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  • RES 4: $525.21 - 2.236 proj of the Jan 2 - 17 - Feb 3 price swing
  • RES 3: $520.00 - Round number resistance 
  • RES 2: $514.40 - 2.00 proj of the Jan 2 - 17 - Feb 3 price swing        
  • RES 1: $503.59 - 1.764 proj of the Jan 2 - 17 - Feb 3 price swing 
  • PRICE: $499.75 @ 14:55 GMT Mar 18 
  • SUP 1: $472.72/457.57 - 20 - and 50-day EMA values       
  • SUP 2: $451.15 - Low Feb 28
  • SUP 3: $422.80 - Low Feb 3 and key support      
  • SUP 4: $403.85 - Low Jan 2 and a bear trigger     

A bull cycle in Copper futures remains in play, and the latest pullback has proved to be a correction. Last week’s gains and this week’s follow through, reinforce a bullish theme - the move higher has delivered a print above 488.50, the Feb 14 high and a bull trigger. A clear break of this level confirms a resumption of the uptrend and opens the $503.59 next, a Fibonacci projection. Support to watch is $457.57, the 50-day EMA.