COPPER TECHS: (K5) Pullback Considered Corrective
- RES 4: $514.40 - 2.00 proj of the Jan 2 - 17 - Feb 3 price swing
- RES 3: $503.59 - 1.764 proj of the Jan 2 - 17 - Feb 3 price swing
- RES 2: $500.00 - Round number resistance
- RES 1: $488.50 - High Feb 14
- PRICE: $461.70 @ 14:22 GMT Feb 26
- SUP 1: $451.60 - Low Feb 25
- SUP 2: $444.14 - 50-day EMA
- SUP 3: $422.80 - Low Feb 3 and key support
- SUP 4: $403.85 - Low Jan 2 and a bear trigger
Copper futures remain in a bull cycle, despite the latest pullback, that appears corrective. Recent gains highlight an acceleration of the uptrend and this reinforces current conditions. The contract has cleared 455.20, the Nov 5 high and a key hurdle. Price has also pierced 477.10, the Sep 30 ‘24 high. Sights are on $500.00 next. The latest pullback is allowing an overbought condition to unwind. Support to watch is $444.14, the 50-day EMA.
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