COPPER chart - Trading View
Copper resumes upside after 2 weeks of downside, trades over 5% higher for the week till date.
LME copper prices continue to make fresh multi-year highs, outlook remains bullish.
Pullbacks have bounced off 21-EMA which is strong support and any major weakness only on break below.
Technical indicators remain bullish and the pair is set to resume upside after 2 previous weeks of downside.
Price action has hit new multi-year highs at 3.706 (levels unseen since Feb 2013). Weak greenback is likely to drive gains in commodity prices.
Next major bull targets align at 3.775 (major trendline) ahead of 3.791 (2013 highs). On the flipside, 21-EMA is strong support at 3.542. Breach below could see dip till 200-DMA.
