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(N1) Corrective Pullback

COPPER TECHS
  • 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: $488.80 - High May 10
  • PRICE: $476.25 @ 12:30 BST May 18
  • SUP 1: $454.37 - 20-day EMA
  • SUP 2: $443.50 - Low May 3 and a firm near-term support
  • SUP 3: $437.00 - High Feb 25 and recent breakout point
  • SUP 4: $431.50 - 50-day EMA

Copper futures remain below last week's trend high of $488.80. The recent pullback however is considered corrective and the outlook remains bullish. The recent break of the Feb 25 high of $437.00 confirmed a resumption of the uptrend that has also accelerated. Note that copper has cleared a major resistance at $464.95, Feb 2011 high. The focus is on $492.35, a Fibonacci projection. On the downside, initial firm support is at $443.50, May 3 low.

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