Copper (LME) completes its bull “flag” continuation pattern and strategists at Credit Suisse continue to look for further ideally significant gains with the 2018 high at $7254 as the first objective.
More – Copper targets the 7000.00 level and above – Commerzbank
Key quotes
“Copper (LME) is seeing its bullish ‘flag’ continuation pattern confirmed and we expect copper to rise further toward $7254/7348 – the high of 2018 and 50% retracement of the 2011/2016 collapse.”
“Whilst we suspect the $7348 mark caps at first, above in due course can see the 61.8% retracement at $7947. We would highlight that bull ‘flags’ can lead to a full extension of the previous upmove, which could potentially see strength extend as far as $8895.”
“Support at $6465 now ideally holds setbacks, but with a move below $6226 needed to negate the ‘flag’.”
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