- 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.
