Copper to head back up towards the 9617.00 February high – Commerzbank

Copper (LME) is heading up towards the 9617.00 February high above which lies the 9905.00/10190.00 region, Axel Rudolph,

Senior FICC Technical Analyst at Commerzbank, reports.

Copper has been rising over the past week or so and is getting ever closer to the 9617.00 February high

“As long as the 9617.00 high isn’t overcome further sideways trading around the 9000.00 mark should take place.” 

“A rise and daily chart close above the 9617.00 February high would make us bullish again and engage the February and August 2011 highs at 9905.00/10190.00.” “Potential support above the 8570.00 March low comes in along the 55 day moving average at 8804.37 and also at the 8695.00 late March low.”

“Below 8570.00 support comes in at the January high at 8238.00. This we would expect to hold, if it were to be revisited at all. Below it 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.”