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- Copper set to consolidate below its 9617.00 February high - Commerzbank
Copper set to consolidate below its 9617.00 February high - Commerzbank
FXStreet reports that Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes that copper (LME) is expected to see further sideways trading between the 9617.00 February high and the 8570.00 March low.
“Copper is to range further below its 9617.00 February high while remaining above its 8570.00 March low. As long as the 9617.00 high isn’t overcome further sideways trading around the 9000.00 mark should be witnessed.”
“Potential support below 8570.00 comes in along the 55-day moving average at 8594.65 and also between the seven-month support line and the January high at 8436.22/8238.00. This we would expect to hold if it were to be revisited at all. Below this area sits the December high at 8028.00.”
“While the contract stays above the 7705.00/7673.00 late December and January lows we will stay overall bullish.”
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