Copper maintains a major top and analysts at Credit Suisse stay bearish, looking for a break below the 2016 lows.
Key quotes
“Imminent supports can be identified at $4371/18, the 2016 and current YTD low. We stay bearish on the industrial metal and think we will even break below these latter levels, with the ‘measured top objective’ at $4139.”
“Short-term resistance is at $4971/5000, then $5124, above which would suggest a deeper correction higher toward the previous breakout point of the top, with key resistance seen at $5518/23, the 2020 February low and previous range breakout point.”
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