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COPPER TECHS: (K5) Corrective Cycle Extends

COPPER TECHS
Metals Technical AnalysisCommodities TechBulletCommodities
  • RES 4: $514.40 - 2.00 proj of the Jan 2 - 17 - Feb 3 price swing
  • RES 3: $503.59 - 1.764 proj of the Jan 2 - 17 - Feb 3 price swing 
  • RES 2: $500.00 - Round number resistance         
  • RES 1: $488.50 - High Feb 14 
  • PRICE: $458.85 @ 14:33 GMT Feb 25
  • SUP 1: $452.20 - Intraday low        
  • SUP 2: $443.79 - 50-day EMA
  • SUP 3: $422.80 - Low Feb 3 and key support      
  • SUP 4: $403.85 - Low Jan 2 and a bear trigger     

Copper futures remain in a bull cycle, despite the latest pullback, that appears corrective. Recent gains highlight an acceleration of the uptrend and this reinforces current conditions. The contract has cleared 455.20, the Nov 5 high and a key hurdle. Price has also pierced 477.10, the Sep 30 ‘24 high. Sights are on $500.00 next. The latest pullback is allowing an overbought condition to unwind. Support to watch is $443.79, the 50-day EMA. 

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  • RES 4: $514.40 - 2.00 proj of the Jan 2 - 17 - Feb 3 price swing
  • RES 3: $503.59 - 1.764 proj of the Jan 2 - 17 - Feb 3 price swing 
  • RES 2: $500.00 - Round number resistance         
  • RES 1: $488.50 - High Feb 14 
  • PRICE: $458.85 @ 14:33 GMT Feb 25
  • SUP 1: $452.20 - Intraday low        
  • SUP 2: $443.79 - 50-day EMA
  • SUP 3: $422.80 - Low Feb 3 and key support      
  • SUP 4: $403.85 - Low Jan 2 and a bear trigger     

Copper futures remain in a bull cycle, despite the latest pullback, that appears corrective. Recent gains highlight an acceleration of the uptrend and this reinforces current conditions. The contract has cleared 455.20, the Nov 5 high and a key hurdle. Price has also pierced 477.10, the Sep 30 ‘24 high. Sights are on $500.00 next. The latest pullback is allowing an overbought condition to unwind. Support to watch is $443.79, the 50-day EMA.