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(N1) Still Heading North

COPPER TECHS
  • RES 4: $500.00 - Psychological round number
  • RES 3: $492.35 - 1.236 proj of Jan - Feb - Apr price swing
  • RES 2: $471.85 - 1.00 proj of Jan - Feb - Apr price swing
  • RES 1: $464.95 - High Feb 2011 (cont) and a major resistance
  • PRICE: $456.55 12:50 BST May 6
  • SUP 1: $437.00 - High Feb 25 and recent breakout level
  • SUP 2: $434.80 - 20-day EMA
  • SUP 3: $416.87 - 50-day EMA
  • SUP 4: $399.50 - Low Apr 12

Copper futures remain bullish and a fresh cycle high was again achieved yesterday. Last week's gains resulted in a break of the Feb 25 high of $437.00, to confirm a resumption of the uptrend. The move paves the way for an extension towards the next major resistance at $464.95, Feb 2011 high. Moving average studies remain in a bull mode reinforcing current trend conditions. Initial support is at $437.00 ahead of $432.95, the 20-day EMA.

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