FXStreet notes that copper (LME) has reached the 10000.00 mark around which it is to short-term consolidate and Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, suggests that further up lies the 10190.00 February 2011 high.
“Copper has reached the psychological 10000 mark around which it is expected to further consolidate this week.”
“If the recent ascent were to continue unabated, the February 2011 peak at 10190.00 would be next in line.”
“Minor support below the 9617.00 February high comes in around the 9483.00 April 20 high and also at the 9199.50 mid-March high.”
“We will retain our medium-term bullish forecast while the contract remains above the 8570.00 March low.”
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