Copper (LME) so far holds in the 9795.00/9617.00 support zone, a bounce off which would be bullish, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
May and current June lows sit at 9795.00/9762.00
“Copper continues to be supported by the 9795.00/9617.00 support zone in which the February high, May and current June lows as well as the 55-day moving average can all be found. While these underpin on a daily chart closing basis, we will retain our medium-term bullish outlook.”
“An ascent towards the all-time high at 10747.50, made marginally below the 161.8% Fibonacci extension of the October-to-January advance and projected higher from the January low at 10890.80, may thus still be in the making. Resistance is seen at the 10525.00 May 18 high and also at 10747.50. Were it to be exceeded, the 261.8% Fibonacci extension of the 2016-to-2018 rise, projected higher from the 2020 low at 12303.50, would be next in line.”
“Below the February high at 9617.00 sit the 9483.00 April 20 high and also the 9199.50 mid-March high. We will retain our long-term bullish view while it stays above 8570.00.”
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