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- Copper hits fresh highs at 3.009, levels unseen since Nov 2014.
- The pair has completed the 'Cup & Saucer' pattern raising scope for further upside.
- The pair continues bull-run after breaking strong resistance at 2.496.
- Technical indicators on weekly charts also support upside. RSI above 50 and biased higher. MACD also supports uptrend.
- 20-DMA at 2.9081 is strong support, break below could see minor weakness.
Support levels - 2.9563 (5-DMA), 2.946 (trendline), 2.9081 (20-DMA)
Resistance levels - 3.0, 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.
Recommendation: Book partial profits at highs, bias higher, stay long for further upside.
