Copper (LME) has resumed its ascent but needs to rise above 10120 to confirm longer-term up move, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.
Strong support is found at 8800/8570
“Copper’s slide has taken it to its June low at 9011, close to the 8800/8570 March to early April lows, before gradually giving way to an advance. This has so far taken it close to the three month resistance line at 9727.50 which together with the 55-day moving average at 9815.40 and also the June 11 high at 10120 would need to be exceeded for the resumption of the long-term uptrend to be confirmed. If so, the May peak at 10747.50 would be back in the picture.”
“Minor support is seen at the 9236 late June low and more support at the June low at 9011 as well as in the 8800/8570 zone.”
“Only unexpected failure at the 8800/8570 zone would lead to the 200-day moving average and the January high at 8390/8238 being eyed instead.”
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