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Copper: Testing 227.55 Key level

Since the beginning of the year the commodity gained more than 4.5%, last week alone rose in excess of 5.0% and is in a recovery phase since mid-July.

Last week, Copper rallied wide a wide range and closed near the high of the week, although managed close within the previous week range, suggesting being slightly on the bullish side of neutral.

The commodity is testing a key level that could be a good turning point plus the stochastic is showing a bullish momentum and crossed above the 50 mid line.

Expecting an upward move to key level at 241.45 on a break above the key level at 227.55 (scenario 1) but a bounce from the key level at 227.55 could drag the commodity down to a weekly support at 206.35 (scenario 2).