Michael_Macdonald-XATSUK

Copper breaking higher. Further gains in the coming weeks

COMEX:HG1!   Copper Futures
High Grade Copper             has broken above critical resistance at the USD2.7400 year high of November 2016.

Further gains are highlighted in the coming weeks, as momentum studies tick higher and sentiment improves, with a break above the USD2.7670 high of June 2015 targeting historic congestion around USD2.8000.

Still higher are the USD2.8345 high of 26 May 2015 and the USD2.8555, (61.8%) Fibonacci retracement of the 2014-2016 fall. However, initial tests of this area could give way to consolidation, as momentum becomes overstretched, before a clear break is seen.

Support remains at congestion around USD2.6000, and should underpin any immediate setbacks as investors maintain a buy-into-weakness strategy. If broken, not seen, focus will turn back to congestion around USD2.5500, as investors subsequently move back to a cautious stance.
English (UK)
English
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out