- Copper bulls remain in control, price hits 5-month highs at 3.283, bias higher.
- The pair is extending break at strong trendline resistance at 3.145.
- Price has edged above 200-DMA and daily cloud and we see scope for further upside.
- Indicators on daily charts are highly bullish, momentum is with the bulls.
- We see weakness only on retrace below 200-DMA.
Support levels - 3.2536 (1H 21-EMA), 3.1956 (5-DMA), 3.1683 (1H 200-SMA)
Resistance levels - 3.289 (Jan 15 high), 3.30, 3.320 (Dec 28 2016 high)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-Copper-breaks-strong-trendline-resistance-hits-3-month-highs-at-3248-good-to-go-long-on-dips-1353202) is approaching final targets.
Recommendation: Book partial profits at highs, trail SL to 3.25, hold for 3.30/ 3.320
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest.
