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Copper: Still eyeballing 2017 high

Since the beginning of the year, the commodity lost 1.5% but last week rallied over 6.0% and made a phase change, shifting from a warning to a bullish phase.

Last week, copper rallied with a narrow range and closed near the high of the week, however the commodity closed within the previous week range, which suggests being slightly on the bullish side of neutral.

Stochastic is showing a bullish momentum and is above the 50 mid line.

After the sharp downward correction, the commodity bounced back on a weekly support at 303.90 and managed to close above the 10-week moving average that now should provide a good dynamic support.

Expecting an upward move to 2014 high at 334.45 on a break above the previous week highs at 327.15 (scenario 1)  however a bounce from the 2017 high at 332.15 may trigger another profit taking  down to a Fibonacci retracement at 312.06 (scenario 2).