- Copper bulls stay in control, price spikes higher, up around 3% on the day.
- Price has hit highest since August, 2014, before paring some gains to currently trade at 3.212 levels, bias higher.
- Copper is trading in a rising triangle pattern and price action currently hovers around channel top at 3.240.
- Violation at channel top likely to see further upside.
- Next major resistance lies at 3.255 (Aug 2014 high) ahead of 3.335 (61.8% Fib of 4.20 to 1.936 fall).
- On the flipside, retrace below daily cloud will see some weakness.
Support levels - 3.122 (5-DMA), 3.062 (cloud top), 3.00 (converged 20&50 DMA)
Resistance levels - 3.255 (Aug 2014 high), 3.335 (61.8% Fib of 4.20 to 1.936 fall).
Call update: Our previous call (https://www.econotimes.com/FxWirePro-Copper-finds-strong-support-at-daily-cloud-bias-higher-good-to-go-long-on-dips-944997) has hit all targets.
Recommendation: Book partial profits at highs, raise trailing stops to 3.120, hold for 3.240 (channel top).
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