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- RES 4: $505.03 - 1.382 proj of Jan - Feb - Apr price swing
- RES 3: $500.00 - Psychological round number
- RES 2: $492.35 - 1.236 proj of Jan - Feb - Apr price swing
- RES 1: $472.80 - Intraday high
- PRICE: $471.95 12:19 BST May 7
- SUP 1: $450.05 - Low May 6
- SUP 2: $443.50 - Low May 3 and a firm near-term support
- SUP 3: $434.80 - 20-day EMA
- SUP 4: $418.57 - 50-day EMA
Copper futures are on the move once again and have rallied sharply higher today. The recent break of the Feb 25 high of $437.00 confirmed a resumption of the uptrend and the current recovery is accelerating. Note that copper has cleared a major resistance at $464.95, Feb 2011 high. The focus is on $492.32, a Fibonacci projection. On the downside, initial firm support is at $443.50, May 3 low.