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(N1) Fresh Trend High

COPPER TECHS
  • RES 4: $464.95 - High Feb 2011 (cont) and a major resistance
  • RES 3: $454.00 - High Aug 2011 (cont)
  • RES 2: $451.35 - 0.764 proj of Jan 28 - Feb 25 - Mar 4 price swing
  • RES 1: $443.25 - Intraday high
  • PRICE: $441.10 @ 13:30 BST Apr 26
  • SUP 1: $416.21 - 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. The contract has traded higher today and registered a fresh trend high print of $443.25. This is above the Feb 25 high of $437.00 and confirms a resumption of the underlying uptrend. The move paves the way for a climb towards 454.00 next, Aug 2011 high (cont). Trend indicators continue to point north, reinforcing conditions and underlying sentiment. Initial firm support is seen at $416.21, the 20-day EMA.

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