Copper Price Analysis: Healthy consolidation to lead a climb above $10000 – Credit Suisse
|Copper consolidation is seen as a healthy development in the intact core bull trend. In the end, strategists at Credit Suisse expect the metal to reach the $10190 key high of 2011.
Copper consolidation is seen as temporary
“Copper (LME) remains in its range but this is seen as a healthy and overdue phase following the impressive rally of the past year.”
“Support for a pullback is seen at the 63-day average, currently at $8594. Below can see a deeper pullback to $8570, with our bias remaining for this to prove a solid floor, and with next support then seen at $8238, the January 2021 high.”
“Post the consolidation, we look for a resumption of the uptrend back to and then above the current cycle high at $9617. We would then see resistance next at the psychological $10000 resistance level and eventually the key high of 2011 at $10190.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.