FxWirePro: Copper consolidates major trendline breakout, awaits next leg higher

• Copper is seen consolidating major trendline breakout at 2.752, is awaiting its next leg higher.
   
• We have evidenced a 'Cup & Saucer' pattern on copper charts.
   
• 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 2.6491 is strong support, break below could see bullish invalidation.

Support levels - 2.8802 (5-DMA), 2.7777 (20-DMA), 2.6491 (weekly 200-DMA)

Resistance levels - 2.903 (July 26 high), 2.946 (trendline), 3.0

Call update: We had recommended accumulating on dips for long term in our previous call (http://www.econotimes.com/FxWirePro-Copper-completes-Cup-Saucer-pattern-awaits-next-leg-higher-826714).

Recommendation: We hold our long analysis.