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(N1) Still Heading North

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: $477.20 @ 13:06 BST May 12
  • SUP 1: $450.05 - Low May 6
  • 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: $422.78 - 50-day EMA

Copper futures traded higher Monday and despite the rejection off the high, a bullish outlook remains intact. The recent break of the Feb 25 high of $437.00 confirmed a resumption of the uptrend and the uptrend has been accelerating. 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.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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