Copper (LME) still maintains its bull “flag” and strategists at Credit Suisse stay bullish with the next target at $6875 and then the 2018 high of $7254.
Key quotes
“Copper (LME) has been unable as yet to follow-through on its bullish ‘flag’ continuation pattern but while support at $6226 holds the outlook can still stay bullish for strength back to $6875, then $7254/7348 – the high of 2018 and 50% retracement of the 2011/2016 collapse.”
“Below $6226 would negate the ‘flag’ and instead set a ‘head & shoulders’ top to turn the risk lower, with support then seen next at the 200-day average at $5898.”
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