Copper has the 2011 high at $10190 in its crosshairs – Credit Suisse
After surging above its $9617 cycle high, copper (LME) is set to look for a move to the 2011 high at $10190 – and eventually higher in due course, strategists at Credit Suisse appraise.
Copper to avoid a range-trade phase as holds off $8985
“Copper has freshly broken above its $9617 cycle high, which completed a bullish ‘triangle’ continuation pattern for a resumption of its core bull trend, with resistance seen next at the psychological $10000 level and eventually the key high of 2011 at $10190, which we expect to be reached or even broken during the next 1-3 months.”
“Above $10190 would then open the door for a move toward the psychological $11000 mark, which we would expect to cap the market, at least temporarily.”
“The 63-day average at $8985 needs to hold to avoid a renewed period of trading-range, which is not our base case.”
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FXStreet Insights Team
FXStreet
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