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Hugo in HTO Trading,

Copper: Broke above the symmetrical triangle

Since the beginning of the year the commodity gained more than 17.5% and last week alone rallied almost 11.0%, in addition is in a bullish phase since early November.

Last week, copper rallied with a wide range however closed in the middle of the weekly range, but managed close above the previous week high, which suggests a strong bullish momentum.

The stochastic crossed above the 50 mid line and is showing a strong bullish momentum.

Expecting an upward move to the recent made 2016 high at 273.30 on a bounce of the weekly resistance, now turn to a weekly support at 249.80 (scenario 1) although a break below the weekly resistance at 241.45 could set in motion a bearish run down to a key level at 227.55 (scenario 2).