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Hugo in HTO Trading,

Copper: Makes a new 2017 high

Since the beginning of the year the commodity gained more than 14.5% plus last week rose in excess of 5.5% and continues in a bullish phase since early June.

Last week, copper rallied with a wide-spread and range closing near the high of the week, in addition the commodity managed close above the previous week high, which suggests a strong bullish momentum.

The stochastic is showing an extreme overbought market although is still displaying a strong bullish momentum.

This past week copper pushed thru the previous 2017 high at 282.15 and made a new one at 290.45 however is entering a weekly resistance that also is 2015 high.

Expecting an upward move to a 2015 high at 303.90 on a break above the previous week high at 290.45 (scenario 1) however a bounce from the previous 2017 high at 282.15 can also trigger an upward rally to 2015 high at 303.90 (scenario 2).