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(N2) Bearish Extension

COPPER TECHS
  • RES 4: $503.60 - 1.00 proj of the Feb 24 - Mar 7 - 15 price swing
  • RES 3: $501.00 - High Mar 7 and the bull trigger
  • RES 2: $486.15/88.28 - High Apr 5 / 76.4% of the Mar 7 - 15 downleg
  • RES 1: $460.61 - 20-day EMA
  • PRICE: $428.50 @ 13:59 BST May 2
  • SUP 1: $428.8027.75 - Low Mar 31 / Intraday low
  • SUP 2: $423.00 - Low Dec 20
  • SUP 3: $420.00 - Round number support
  • SUP 4: $411.05 - Low Dec 15

Copper futures are trading sharply lower today marking an extension of last week’s sell-off and of the downleg that started off $486.00, the Apr 18 high. The contract has breached $447.10, Mar 15 low and a key support. This has opened 428.80, the Mar 31 low (probed today), and the 420.00 handle. Key resistance is unchanged at $486.15, Apr 5 high. The 20-day EMA at 460.61, represents initial resistanc

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