Copper rises 2.6% today; extends bull-leg from 2.4475

Slobodan Drvenica Windsor Brokers

Copper accelerated higher today and rose 2.6%, hitting fresh one-month low at 2.6675, on reaction on US President-elect Donald Trump’s news conference yesterday.
Fresh bullish acceleration took out barriers at 2.6113 & 2.6500 (Fibo 61.8% & 76.4% retracement of 2.7125/2.4475 downleg) respectively, in extension of bull-leg from 2.4475 (27 Dec trough).
Strong bullish setup on daily studies favors further upside, with price action being underpinned rising and thickening daily Ichimoku cloud.
Daily close above 2.6500 would further boost bullish structure for extension towards 2.6840 (12 Dec lower top), ahead of psychological 2.7000 barrier and 05 Dec high at 2.7125
Broken Fibo 61.8% level offers initial support at 2.6113, followed by converging daily Tenkan-sen / Kijun-sen lines at 2.5700/62 and daily cloud top pivot at 2.5700.

Res: 2.6675; 2.6840; 2.7000; 2.7125
Sup: 2.6300; 2.6113; 2.5995; 2.5700

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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