Copper (LME) has broken the $5659 200-day average and is back in a broad trading range with next resistance seen at around $5900 and potential to surpass the $6000 level, strategists at Credit Suisse apprise.
Key quotes
“Copper (LME) has established itself above key retracement resistance at $5518/90, the previous range breakout point, and as well above the 200-day average at $5659, making a range-bound market a more likely scenario. Next resistances are seen at $5850/5928, above which can see the recovery extend further with resistance next at $6178, then $6210, with the January 2020 high at $6343.”
“Support can be identified at $5449 and then $5246, before the more important $4953.”
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