Copper (on the London Metal Exchange) has resumed its rally, but according to Axel Rudolph, Commerzbank’s chief technical analyst, it must rise above 10120 to confirm a longer-term upward move.
You can find strong support at 8800/8570
“The decline in copper led to a June low of 9011, close to the 8800/8570 low in March to early April, before gradually backing off. “9815.40 and the maximum from June 11 to 10120 confirms the resumption of the long-term upward trend. If so, the May maximum of 10747.50 will return to the picture.”
“We see little support at 9236, which is the low at the end of June, and further support at the June low at 9011, as well as in the 8800/8570 region.”
“An unexpected failure in the 8800/8570 area alone would cause a 200-day moving average and should instead look at the January high of 8390/8238.”