- Copper hits fresh 3-year highs at 3.166, levels unseen since September 2014, bias higher.
- The commodity is extending breakout of 'Cup and Saucer' pattern, next bull target lies at 3.192 (May 2014 high).
- Technical indicators are at highly overbought levels, but bias still higher, we see scope for further upside.
- Momentum studies bullish, upside like to see test of 3.335 (61.8% Fib of 4.20 to 1.936 fall).
- 20-DMA at 3.0038 is strong support, break below could see minor weakness.
Support levels - 3.1190 (5-DMA), 3.10, 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-extends-break-above-Cup-and-Saucer-pattern-hits-fresh-3-year-highs-at-3132-876696) is progressing well.
Recommendation: Bias higher. Hold for targets.
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