May 17, 2024 12:48 GMT
(N4) Impulsive Bull Cycle Remains Intact
COPPER TECHS
- RES 4: $524.72 - 3.618 proj of the Mar 1 - 18 - 27 price swing
- RES 3: $520.65 - 3.50 proj of the Mar 1 - 18 - 27 price swing
- RES 2: $516.58 - 3.382 proj of the Mar 1 - 18 - 27 price swing
- RES 1: $512.80 - High May 15
- PRICE: $499.30 @ 13:37 BST May 17
- SUP 1: $462.63/439.89 - 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 despite Wednesday's volatile price action. 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 pierced a key resistance at $503.95, the Mar 2022 high (cont). A resumption of gains would open $516.58, a Fibonacci projection. Initial key support lies at $462.63, the 20-day EMA.
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