COPPER TECHS: (K5) Approaching A Major Resistance
- RES 4: $537.30 - 2.500 proj of the Jan 2 - 17 - Feb 3 price swing
- RES 3: $525.21 - 2.236 proj of the Jan 2 - 17 - Feb 3 price swing
- RES 2: $519.90 - High May 20 ‘24 (cont)
- RES 1: $514.85 - Intraday high
- PRICE: $503.90 @ 14:16 GMT Mar 21
- SUP 1: $481.85/563.24 - 20 - and 50-day EMA values
- SUP 2: $451.15 - Low Feb 28
- SUP 3: $422.80 - Low Feb 3 and key support
- SUP 4: $403.85 - Low Jan 2 and a bear trigger
A bull cycle in Copper futures remains in play. This week’s strong gains reinforce a bullish theme and confirm a resumption of the uptrend. The move higher has resulted in a breach of the $500.00 handle. The contract is approaching a major resistance at $519.90, the May 20 ‘24 high on the continuation chart. A break of it would reinforce bullish conditions and open $525.21, a Fibonacci projection. Support to watch is $481.85, 20-day EMA.
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EQUITIES: US Cash opening calls
US Equities are set for a negative open, the pullback in futures was mostly Tech led as oppose to new fundamentals or Headlines.
European Estoxx has been trading in overbought territory, and was possibly due for some unwind, while the SPX reached a new all time record high Yesterday.
- Calls: SPX: 6,118.1 (-0.2%); DJIA: 44,429 (-0.3%/-128pts); NDX: 22,132.7 (-0.1%).
EURIBOR OPTIONS: Call fly buyer
ERM5 97.9375/98.0625/98.1875c fly, bought for 1.25 in 7k.
EQUITIES: EU Bank outright put buyer
SX7E (17th April) 155p, bought for 1.05 in 12k.
