- Copper is extending higher after breakout of 'Cup and Saucer' pattern.
- The commodity has hit fresh 3-year highs at 3.132, levels unseen since September 2014.
- Technical studies are still bullish, we see scope for further upside.
- Upside has broken past 50% Fib retrace of 4.20 to 1.936 fall at 3.068. Next bull target lies at 3.192 (May 2014 high).
- Momentum studies bullish, upside like to see test of 3.335 (61.8% Fib of 4.20 to 1.936 fall).
- 20-DMA at 2.969 is strong support, break below could see minor weakness.
Support levels - 3.10, 3.0707 (5-DMA), 2.946 (trendline), 3.068 (50% Fib retrace of 4.20 to 1.936 fall)
Resistance levels - 3.192 (May 2014 high), 3.209 (June 2017 high), 3.335 (61.8% Fib of 4.20 to 1.936 fall)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-Copper-breaks-major-resistance-at-2496-bias-higher-stay-long-860903) has hit all targets.
Recommendation: Book partial profits. Raise trailing stop to 3.050, stay long for 3.192/ 3.210.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
