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MNI Credit Weekly: Le Vendredi Noir
(N4) Bull Cycle Still In Play
- RES 4: $490.22 - 2.618 proj of the Mar 1 - 18 - 27 price swing
- RES 3: $486.00 - High Apr 5 ‘22 (cont)
- RES 2: $477.04 - 2.236 proj of the Mar 1 - 18 - 27 price swing
- RES 1: $469.45 - High Apr 30
- PRICE: $454.60 @ 13:14 BST May 1
- SUP 1: $441.27/421.95 - 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
A bullish theme in Copper futures remains intact and the contract has traded to a fresh cycle high this week. The move higher last week highlights a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Scope is seen for $477.04 a Fibonacci projection. Key support lies at $421.95, the 50-day EMA. A clear break of the EMA would highlight a potential reversal. Yesterday’s sell-off is considered corrective.
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.