May 22, 2024 12:52 GMT
(N4) Bull Cycle Remains Intact
COPPER TECHS
- RES 4: $529.76 - 3.764 proj of the Mar 1 - 18 - 27 price swing
- RES 3: $524.92 - 3.618 proj of the Mar 1 - 18 - 27 price swing
- RES 2: $520.65 - 3.50 proj of the Mar 1 - 18 - 27 price swing
- RES 1: $519.90 - High May 20
- PRICE: $493.15 @ 13:41 BST May 22
- SUP 1: $474.40/447.59 - 20- and 50-day EMA values
- SUP 2: $399.90 - Low Mar 27
- SUP 3: $383.95 - Low Mar 1
- SUP 4: $370.35 - Low Feb 9
Copper futures remain in a clear uptrend and the contract traded to a fresh cycle high Monday. The break to new highs reinforces the bull trend condition and maintains the rising price sequence of higher highs and higher lows. The contract has also traded through a key resistance at $503.95, the Mar 2022 high (cont). A clear breach of this level would open $520.65, a Fibonacci projection. Initial key support lies at $474.40, the 20-day EMA.
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