Copper to target the 7000.00 mark on a clearance of September high at 6877.50 – Commerzbank
|Copper (LME) still targets the 6877.50 September high, a rise above which would target the 7000.00 mark, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, informs.
Key quotes
“LME Copper is still heading towards the September high at 6877.50, a rise and daily chart close above which would eye the psychological 7000.00 level. There is scope for the December 2017 and June 2018 highs at 7312.50/7348.00 to be reached.”
“Minor support below the 55-day moving average at 6613.67 can be seen between the September and October 7 lows at 6455.00/6449.00 and major support at the 6269.00/6226.00 August and current October lows. While the contract stays above this area, overall upside pressure should retain the upper hand.”
“Only unexpected failure at 6226.00 on a daily chart closing basis would confirm a significant top formation with the 200-day moving average at 5912.61 then being in the frame.”
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