Copper Price Analysis: Break below $6,844 to open up support at $6,300/6,269 – Credit Suisse
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Copper is back below its 55-day moving average (DMA). With an existing top already in place, analysts at Credit Suisse stay biased towards further weakness.
“Copper (LME) is back below its 55-DMA, currently seen at $7,736, and the industrial metal remains in a well-defined technical downtrend.”
“With a large top still in place and the market below falling long-term moving averages, we stay biased towards further weakness and we note that a break below $6,844 would open up support seen next at $6,300/6,269.”
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