Copper (LME) still targets the 6877.50 September high, a rise above which would target the 7000.00 mark, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, informs.
“LME Copper is still heading towards the September high at 6877.50, a rise and daily chart close above which would eye the psychological 7000.00 level. There is scope for the December 2017 and June 2018 highs at 7312.50/7348.00 to be reached.”
“Minor support below the 55-day moving average at 6613.67 can be seen between the September and October 7 lows at 6455.00/6449.00 and major support at the 6269.00/6226.00 August and current October lows. While the contract stays above this area, overall upside pressure should retain the upper hand.”
“Only unexpected failure at 6226.00 on a daily chart closing basis would confirm a significant top formation with the 200-day moving average at 5912.61 then being in the frame.”
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