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(N4) Northbound

COPPER TECHS
  • RES 4: $486.00 - High Apr 5 ‘22 (cont)
  • RES 3: $477.04 - 2.236 proj of the Mar 1 - 18 - 27 price swing
  • RES 2: $468.90 - 2.00 proj of the Mar 1 - 18 - 27 price swing
  • RES 1: $460.75 - 1.764 proj of the Mar 1 - 18 - 27 price swing
  • PRICE: $452.80 @ 13:37 BST Apr 22
  • SUP 1: $426.98/411.35 - 20- and 50-day EMA values
  • SUP 2: $383.95 - Low Mar 1
  • SUP 3: $370.35 - Low Feb 9
  • SUP 4: $360.00 - Low Oct 23 ‘23 and bear trigger

A bullish theme in Copper futures remains intact and the contract has traded to a fresh trend high today. The break higher confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Scope is seen for a climb towards $460.76, a Fibonacci projection. On the downside, key support is seen at $411.35 the 50-day EMA. A clear break of the average would highlight a potential reversal.

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  • RES 4: $486.00 - High Apr 5 ‘22 (cont)
  • RES 3: $477.04 - 2.236 proj of the Mar 1 - 18 - 27 price swing
  • RES 2: $468.90 - 2.00 proj of the Mar 1 - 18 - 27 price swing
  • RES 1: $460.75 - 1.764 proj of the Mar 1 - 18 - 27 price swing
  • PRICE: $452.80 @ 13:37 BST Apr 22
  • SUP 1: $426.98/411.35 - 20- and 50-day EMA values
  • SUP 2: $383.95 - Low Mar 1
  • SUP 3: $370.35 - Low Feb 9
  • SUP 4: $360.00 - Low Oct 23 ‘23 and bear trigger

A bullish theme in Copper futures remains intact and the contract has traded to a fresh trend high today. The break higher confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Scope is seen for a climb towards $460.76, a Fibonacci projection. On the downside, key support is seen at $411.35 the 50-day EMA. A clear break of the average would highlight a potential reversal.