Copper: Ongoing phase of rebound to extend on a break past 8450 – SocGen

Economists at Société Générale analyze Copper technical outlook.

Defence of 8080 is crucial for persistence in up move

Copper has experienced a steady rebound after touching the lower band of a steep channel near 7870 last month. It has broken out from this channel and is now challenging the 200-DMA. 

Next potential resistance is located at 8450 representing the lows of March / April. If Copper overcomes this hurdle, ongoing phase of rebound is likely to extend towards 8530 and May peak of 8700/8770. 

Defence of 8080, the 61.8% retracement is crucial for persistence in up move.