May 24, 2024 13:17 GMT
(N4) Corrective Pullback
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: $784.60 @ 14:06 BST May 24
- SUP 1: $475.76/450.24 - 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 latest pullback appears to be a correction. The recent 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 support lies at $475.76, the 20-day EMA.
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