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
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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