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Copper: Significant further upside towards the 2018 high at $7254 – Credit Suisse

Copper: Significant further upside towards the 2018 high at $7254 – Credit Suisse ;Copper: Significant further upside towards the 2018 high at $7254 –

Copper: Significant further upside towards the 2018 high at $7254 – Credit Suisse
Yazar: Zack Smith

Yayınlanma: 2 Eylül 2020 16:39

Güncellenme: 23 Kasım 2024 00:07

Copper: Significant further upside towards the 2018 high at $7254 – Credit Suisse
Copper (LME) completes its bull “flag” continuation pattern and strategists at Credit Suisse continue to look for further ideally significant gains with the 2018 high at $7254 as the first objective. More – Copper targets the 7000.00 level and above – Commerzbank

Key quotes

“Copper (LME) is seeing its bullish ‘flag’ continuation pattern confirmed and we expect copper to rise further toward $7254/7348 - the high of 2018 and 50% retracement of the 2011/2016 collapse.” “Whilst we suspect the $7348 mark caps at first, above in due course can see the 61.8% retracement at $7947. We would highlight that bull ‘flags’ can lead to a full extension of the previous upmove, which could potentially see strength extend as far as $8895.” “Support at $6465 now ideally holds setbacks, but with a move below $6226 needed to negate the ‘flag’.”
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