Technical analysis of Copper for May 5, 2021


Copper is close to break above the 2011 peak at 4.64 and move into a new all time high. and we are not even close to the cycle peak time, which is not seen until late March 2022. That the cycle peak isn't seen until March 2022 doesn't mean we can see a top before that time, what it means is the potential for much higher copper-prices is clearly present. A break above 4.64 will call for a continuation towards the 5.33 target and maybe even higher towards the extension target at 7.42.

Key-support is now seen at 3.92.

Trading recommendation:

Buy Copper near 3.92 for a break into all-time highs and the 5.33 target

The material has been provided by InstaForex Company -