April 23, 2024 12:34 GMT
(N4) Trend Set-Up Remains Bullish
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: $442.80 @ 13:21 BST Apr 23
- SUP 1: $429.23/412.89 - 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 $412.89 the 50-day EMA. A clear break of the average would highlight a potential reversal.
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