Copper (LME) looks to be completing a bull “flag” to suggest it is set for a fresh and potentially swing higher, which will be reinforced on a break above $6665, according to strategists at Credit Suisse.
Key quotes
“Copper is breaking out from a bullish ‘flag’ continuation pattern. Above the current cycle, high and long-term downtrend at $6633/65 is still probably needed to reinforce the break to add further upside momentum.”
“Above $6725 in due course should then expose $7254/7348 – the high of 2018 and 50% retracement of the 2011/2016 collapse. Beyond here can see 61.8% Fibonacci retracement at $7947.”
“Supports at $6226 needs to hold to maintain the ‘flag’.”
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