SINGAPORE: LME copper is biased to break a resistance at $9,030 per tonne this week and rise towards $9,229. Signals are bit mixed as the metal is stuck in a neutral range of $8,869-$9,030.
The consolidation in the range may turn out to be a continuation pattern, to be followed by a deep drop, However, a rising trendline suggests an upside bias, as a stabilization around this line simply means a steady uptrend from $7,220, which could extend towards $9,550.50.
Copper claws higher as dollar weakens ahead of inflation data
A break below $8,869 may trigger a drop into $8,510-$8,708 range.
Comments
Comments are closed.