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FxWirePro: Copper continues bull run, hits 3.009 - levels unseen since Nov 2014

  • 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.

 

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