Copper (LME) is expected to see further sideways trading between the 9617.00 February high and the 8570.00 March low, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
See: Silver, Palladium to move in opposite directions – CE
Further range trading below the 9617.00 February high is to be witnessed
“Copper is to range further below its 9617.00 February high while remaining above its 8570.00 March low. As long as the 9617.00 high isn’t overcome further sideways trading around the 9000.00 mark should be witnessed.”
“Potential support below 8570.00 comes in along the 55-day moving average at 8594.65 and also between the seven-month support line and the January high at 8436.22/8238.00. This we would expect to hold if it were to be revisited at all. Below this area sits the December high at 8028.00.”
“While the contract stays above the 7705.00/7673.00 late December and January lows we will stay overall bullish.”
“Only a currently unexpected rise above the 9617.00 February high would engage the February and August 2011 highs at 9905.00/10190.00. Below 9617.00 lies the early and mid-March highs at 9199.50 and 9288.50.”