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(N3) Corrective Pullback Extends

COPPER TECHS
  • RES 4: $456.85- 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 - High Jan 18 and the bull trigger
  • RES 1: $418.65/21.05 - High Apr 14 / Feb 21 high and key resistance
  • PRICE: $400.85 @ 13:24 BST Apr 21
  • SUP 1: $399.50 - Intraday low
  • 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 have continued to pull back from $418.65, the Apr 14 high. The move lower appears to be a correction, however, a continuation lower would expose key short-term support at $393.55, the Apr 5 low. A break of this level would reinstate a bearish theme. On the upside, a reversal would refocus attention on $418.65, the bull where a break would resume the uptrend.

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