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(N1) Approaching Key Resistance

COPPER TECHS
  • RES 4: $464.95 - High Feb 2011 (cont) and a major resistance
  • RES 3: $454.00 - High Aug 2011 (cont)
  • RES 2: $438.67 - 0.618 proj of Jan 28 - Feb 25 - Mar 4 price swing
  • RES 1: $437.00 - High Feb 25 and the bull trigger
  • PRICE: $432.70 @ 13:04 BST Apr 23
  • SUP 1: $414.33 - 20-day EMA
  • SUP 2: $399.50 - Low Apr 12
  • SUP 3: $394.75 - Low Mar 25
  • SUP 4: $385.00 - Low Mar 4 and key support

Copper futures maintain a firmer tone following last week's recovery from $399.50, Mar 12 low and the contract is trading higher again today. Price recently cleared $419.00, Mar 15 high. The break confirmed a move out of the recent range and strengthens a bullish case. This has exposed key resistance at $437.00, Feb 25 high. A break would confirm a resumption of the uptrend. 399.50 is key support. 414.33, the 20-day EMA is first support.

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