- Copper bulls push prices higher, the commodity hit fresh 3-year highs at 3.258.
- These were levels unseen since July 2014, bias still higher.
- Some profit booking seen at highs, prices have cooled and currently hover around channel top.
- Trade continues in a rising triangle pattern and decisive breakout at channel top required for further upside.
- Next major resistance lies at 3.293 (July 2014 highs) ahead of 3.335 (61.8% Fib of 4.20 to 1.936 fall).
- On the flipside, retrace below daily cloud will see extension of weakness.
Support levels - 3.162 (5-DMA), 3.063 (cloud top), 3.017 (20-DMA)
Resistance levels - 3.255 (Aug 2014 high), 3.335 (61.8% Fib of 4.20 to 1.936 fall).
Call update: Our previous call (http://www.econotimes.com/FxWirePro-Copper-hits-new-3-year-highs-at-3229-bulls-in-control-951623) has achieved desired targets.
Recommendation: Book full profits at highs. Watch out for channel breakout for further upside.
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