- Copper hits fresh 3-year highs at 3.086, levels unseen since Oct 2014.
- The pair has completed the 'Cup & Saucer' pattern and is extending upside after breaking strong resistance at 2.496.
- We see scope for further upside, 3.113 (Oct 27, 2014 high) is the next likely bull target.
- Technical indicators on weekly charts also support upside. RSI above 50 and biased higher. MACD also supports uptrend.
- Upside is currently pausing at 50% Fib retrace of 4.20 to 1.936 fall at 3.068. Further upside likely on break above.
- 20-DMA at 2.9483 is strong support, break below could see minor weakness.
Support levels - 2.9563 (5-DMA), 2.946 (trendline), 2.9081 (20-DMA)
Resistance levels - 3.086 (Aug 28 high), 3.113 (Oct 27, 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-breaks-major-resistance-at-2496-bias-higher-stay-long-860903) has hit TP1&2.
Recommendation: Book partial profits. Stay long for further upside.
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