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(N4) Bull Cycle Still In Play

COPPER TECHS
  • 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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