FxWirePro: Copper hits fresh 3-year highs at 3.166, bias higher, stay long

• 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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