Copper (LME) is accelerating higher and has confirmed a new bullish continuation pattern, reinforcing its long-term base completed late last year. Economists at Credit Suisse stay bullish for the 2011 high at $10190 and also higher we think in due course.
See: Copper to head up towards the 10190.00 February 2011 high – Commerzbank
“Copper has freshly broken above it’s $9617 cycle high, which completed a bullish ‘triangle’ continuation pattern for a resumption of its core bull trend, with resistance seen next at the psychological $10000 level and eventually the key high of 2011 at $10190, which we expect to be reached or even broken during the next 1-3 months.
“Above $10190 would open the door for a move toward the psychological $11000 mark, which we would expect to cap the market, at least temporarily.”
“The 63-day average at $8820 needs to hold to avoid a renewed period of trading-range, which is not our base case.”
