FxWirePro: Breakout of 'Cup and Saucer' pattern likely to propel Copper higher, 3.113 next bull target

• 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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