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(N3) Bullish Outlook

COPPER TECHS
  • RES 4: $457.90 - 2.00 proj of the Mar 16 - 24 - Apr 5 price swing
  • RES 3: $447.20 - High Jun 6 2022 (cont)
  • RES 2: $435.15 - Jan 18 high and the bull trigger
  • RES 1: $421.05 - Feb 21 high and a key resistance
  • PRICE: $409.70 @ 14:00 BST Apr 17
  • SUP 1: $403.72 - 50-day EMA
  • SUP 2: $393.55/382.90 - Low Apr 5 / Low Mar 16 and the bear trigger
  • SUP 3: $372.45 - Low Jan 4
  • SUP 4: $355.00 - Low Nov 28 2022

Copper futures traded higher last week and the contract remains above both the 20- and 50-day EMAs. Last week’s gains resulted in a break of resistance at $414.55, the Mar 24 high. The break reinforces a bullish condition and has opened $421.05, the Feb 21 high. On the downside, key support and the bear trigger to watch lies at $393.55, the Apr 5 low. A break would reinstate a bearish theme.

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