COMEX copper has been in a consolidation phase since hitting a high of 2.73 in November 2016. Since then, it has found multiple resistances at around 2.73 levels. However, it has managed to give a weekly close above 2.73. It is likely to head towards 2.85, which was our initial target. Above 2.85, it can inch higher towards 2.95. On the way down, 2.69-2.61 will be a strong support in the near term. Dips should be seen as a buying opportunity. The momentum indicator has given a positive crossover, thereby confirming our bullish view.

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