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(N4) Trend Needle Points North

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: $460.76 - 1.764 proj of the Mar 1 - 18 - 27 price swing
  • PRICE: $449.60 @ 13:31 BST Apr 24
  • SUP 1: $430.83/414.19 - 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 latest pullback is considered corrective. The contract traded to a fresh trend high Monday. The break higher highlights a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Scope is seen for $460.76, a Fibonacci projection. Key support is seen at $414.19 the 50-day EMA. A clear break of the average would highlight a potential reversal.

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