Copper breaks the $5656 200-DMA, next resistance seen at $5829 – Credit Suisse

Copper (LME) has broken the $5656 200-day average and is now back in a broad trading range, with next resistance at $5829, strategists at Credit Suisse apprise.

Key quotes

“Copper has broken above key retracement resistance seen at $5518/90, the previous range breakout point, and as well above the 200-day average at $5656, making a range bound market a more likely scenario. Next resistances are seen at $5829, before the January price gap at $5850/5911.”

“Support can be identified at $5499 and then $5246, before the more important $4953.”