Copper maintains a major top and strategists at Credit Suisse stay bearish, looking for a break below the 2016 lows.
Key quotes
“Copper (LME) has fallen sharply after triggering a large ‘head and shoulders’ top below $5518/5475, in line with our bearish view.”
“Imminent supports can be identified at $4330/4318, the 2016 lows. We stay bearish on the industrial metal and think we may even break below these latter levels, with the ‘measured top objective’ at $4139.”
“First short term resistance is at $4938/45, above which would suggest a deeper correction higher. Key resistance thereafter stays at $5523. Only a close above here would remove our downside bias.”
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