Copper’s current all-time high was made at 10747.50. According to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, the metal still has a 161.8% Fibonacci extension at 10890.80 in its sights – while above 9617.00.
Medium-term bullish forecast while above the 8570.00 March low
“Copper short-term consolidates below its recent all-time high at 10747.50, but still has the 161.8% Fibonacci extension of the October-to-January advance and projected higher from the January low at 10890.80 in its sights. 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.
“Minor support is seen at the 10145.00 mid-May low and also around the psychological 10000 mark. Further minor support sits at the 9617.00 February high. While it underpins we will retain our bullish stance. Below it lie the 9483.00 April 20 high and also at the 9199.50 midMarch high.”
“We will retain our medium-term bullish forecast while the contract remains above the 8570.00 March low. Below 8570.00 support comes in at the January high at 8238.00. Further down sits the December high at 8028.00.”
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