Copper (LME) has resumed its ascent but must rise above 10120 to verify longer-term up move, consistent with Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.
Strong support is found at 8800/8570
“Copper’s slide has taken it to its June low at 9011, on the brink of the 8800/8570 March to early April lows, before gradually giving thanks to an advance. This has thus far taken it on the brink of the three month resistance line at 9727.50 which along side the 55-day moving average at 9815.40 and also the June 11 high at 10120 would wish to be exceeded for the resumption of the long-term uptrend to be confirmed. If so, the May peak at 10747.50 would be back within the picture.”
“Minor support is seen at the 9236 late June low and more support at the June low at 9011 also as within the 8800/8570 zone.”
“Only unexpected failure at the 8800/8570 zone would cause the 200-day moving average and therefore the January high at 8390/8238 being eyed instead.”