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(N1) Needle Still Points North

COPPER TECHS
  • RES 4: $471.85 - 1.00 proj of Jan - Feb - Apr price swing
  • RES 3: $464.95 - High Feb 2011 (cont) and a major resistance
  • RES 2: $454.00 - High Aug 2011 (cont)g
  • RES 1: $452.50 - High Apr 27
  • PRICE: $446.75 @ 14:11 BST Apr 28
  • SUP 1: $421.72 - 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 are bullish and the contract traded higher again yesterday to a fresh trend high print of $452.50. This week's gains have also resulted in a break of the Feb 25 high of $437.00 and confirm a resumption of the underlying uptrend. The move paves the way for an extension towards 454.00 next, the Aug 2011 high (cont). Initial firm support is seen at $421.72, the 20-day EMA.

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