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(N1) Eyeing Key Resistance

COPPER TECHS
  • RES 4: $454.00 - Weekly High Aug 5, 2011 (cont)
  • RES 3: $438.67 - 0.618 proj of Jan 28 - Feb 25 - Mar 4 price swing
  • RES 2: $437.00 - High Feb 25 and the bull trigger
  • RES 1: $428.30 - Intraday high
  • PRICE: $427.65 @ 14:01 BST Apr 19
  • SUP 1: $399.50 - Low Apr 12
  • SUP 2: $394.75 - Low Mar 25
  • SUP 3: $385.00 - Low Mar 4 and key support
  • SUP 4: $373.20 - Low Feb 12

Copper futures maintain a firmer tone following last week's recovery from $399.50, Mar 12 low. Price has traded through $419.00, Mar 15 high. The break confirms a move out of the recent range and strengthens a bullish case. Furthermore, the contract is trading higher again today signalling scope for a test of the key resistance at $437.00, Feb 25 high. A break would confirm a resumption of the broader uptrend. 399.50 is key support.

Energy BulletsCommodities
Energy BulletsCommodities

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