Copper contract for July delivery maintains firm tone and heads higher after Wednesday’s upside rejection at $2.9040 (2-year high) and subsequent shallow pullback on profit taking. Strong bullish sentiment supports for further advance, as the price eyes targets at 2.9434 (FE 123.6% of current wave C from 2.4720) and 2.9550 (Fibo 138.2% projection). Conditions on daily chart remain strongly overbought but indicators are so far not showing signs of reversal. However, pullback on profit-taking of steep in past few sessions could be anticipated in the near-term. Thick hourly cloud (currently spanned between 2.8611 and 2.8105) continues to underpin near-term action and should contain corrective dips.
Res: 2.9040; 2.9310; 2.9434; 2.9550
Sup: 2.8790; 2.8611; 2.8435; 2.8305
