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(N1) Uptrend Accelerates

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 - Intraday high
  • PRICE: $486.25 @ 13:09 BST May 10
  • 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: $420.78 - 50-day EMA

Copper futures are on the move once again and have started the week on a firm note. The recent break of the Feb 25 high of $437.00 confirmed a resumption of the uptrend and the current recovery is accelerating. Note that copper has cleared a major resistance at $464.95, Feb 2011 high. The focus is on $492.32, a Fibonacci projection. On the downside, initial firm support is at $443.50, May 3 low.

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