- We have evidenced a 'Cup & Saucer' pattern on copper charts.
- The pair is awaiting its next leg higher after break of strong resistance at 2.830.
- Next major bull target seen at 2.946. Decisive break above will extend bullish trend.
- Technical indicators on weekly charts also support upside. RSI above 50 and biased higher. MACD also supports uptrend.
- Weekly 200-SMA at 2.6511 is strong support, break below could see bullish invalidation.
Support levels - 2.8371 (5-DMA), 2.7241 (20-DMA), 2.6511 (weekly 200-DMA)
Resistance levels - 2.903 (July 26 high), 2.946 (trendline), 3.0
Recommendation: Accumulate on dips. Watch out for break above 2.946 for continuation of uptrend. Place stops at 0.7240.
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