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Copper to head back up towards the 9617.00 February high - Commerzbank

FXStreet reports that Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes that copper (LME) is heading up towards the 9617.00 February high above which lies the 9905.00/10190.00-region.

“As long as the 9617.00 high isn’t overcome further sideways trading around the 9000.00-mark should take place.” 

“A rise and daily chart close above the 9617.00 February high would make us bullish again and engage the February and August 2011 highs at 9905.00/10190.00.” “Potential support above the 8570.00 March low comes in along the 55-day moving average at 8804.37 and also at the 8695.00 late March low.”

“While the contract stays above the 7705.00/7673.00 late December and January lows we will stay overall bullish.”

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