Copper Price: Break below $9011 to warn of a deeper fall towards 200-DMA at $8809 – Credit Suisse

Copper (LME) is threatening a “head and shoulders” top, seen confirmed on a break below the $9011 June low, as reported by the Credit Suisse analyst team.

Weekly RSI momentum already holds a top

“Copper stays capped below its 63-day average to leave the immediate outlook finely balanced, especially with a weekly RSI momentum top already in place.”

“Pivotal stays seen ‘neckline’ and price support at $9269/9011, below which would see a ‘head and shoulders’ top complete to warn of a more significant turn lower with support seen next at the 200-day average at $8809, then the March low at $8570.”

“Above $9975 remains needed to ease the threat of a top for a move back to the $10748 high, then the psychological $11000 mark.”