Copper to reassert long-term uptrend on a break above June high at 10365 – Commerzbank

Copper (LME) has bounced off the 8800/8570 support area. The commodity still targets the 9620/9629.60 region, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

All-time high was made at 10747.50

“Copper’s recovery from the 8800/8570 March to early April lows has taken it close to the four-month resistance line at 9569.90 above which beckons the 9924 July peak. En route is the mid-August high at 9620.”  

“Minor resistance above the July high at 9924 can be spotted at the June 11 high at 10120 and still further resistance at the 10365 June high.” 

“The 10365 June high would need to be exceeded for the resumption of the long-term uptrend to ensue. If so, the May peak at 10747.50 would be back in the picture.”

“Good support is to be found between the June and July lows at 9131/9011. Only unexpected failure at 8570 would lead to the January high at 8238 being eyed.”