Copper (11.9.2014) traded as per our last report & after finishing the levels , fall back very quickly.
Now copper is trading around $3.0693 & as we can see on charts, its reaching to the lower tradeline current descending channel. However the momentum is very strong & it may break the channel , still few more indicators providing best opportunity for a shot covering at these levels. Current level represent 78.6% feb ret level while a most possible ABCD pattern is available at this point.
On fundamental side, improving US economic data may support copper for a while.
Based on above studies, it is possible for copper to move upside for possible level $3.13 & then $3.17. However a day close below $3.04 will reject the forecast.
Note – above view is based on technical studies & do not represent our buy-sell recommendation. For recommendations Contact Us