Copper (LME) faltered slightly below 161.8% Fibonacci extension at 10890.80 and may revisit 9617.00, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
Copper slid back below the 10000.00 mark, having previously made new all-time high at 10747.50
“Copper continues to consolidate below its recent all-time high at 10747.50, made marginally below the 161.8% Fibonacci extension of the October-to-January advance and projected higher from the January low at 10890.80.”
“Minor support is seen at the 9617.00 February high. While it underpins we will retain our medium-term bullish stance. Below it, lies the 9483.00 April 20 high and also the 9199.50 mid-March high.”
“We will retain our long-term bullish forecast while the contract remains above the 8570.00 March low.”
“Below 8570.00 support comes in at the January high at 8238.00. Further down sits the December high at 8028.00.”
“Resistance is seen at the 10525.00 May 18 high and also at 10747.50. Were it to be exceeded the 261.8% Fibonacci extension of the 2016-to-2018 rise, projected higher from the 2020 low at 12303.50, would be next in line.”