Copper (LME) has found a floor at the 200-day moving average (DMA). Nonetheless, below $8740 would still complete a “head and shoulders” top, as reported by the Credit Suisse analyst team.

See: Copper set to rise towards the 9260/29 area – Commerzbank

Weekly RSI momentum already holds a top

“Copper stays capped below its 63-day average to leave the immediate outlook finely balanced, especially with a weekly RSI momentum top already in place.”

“Pivotal stays seen ‘neckline’ and 200-day average support at $8866/8740, below which would see a ‘head and shoulders’ top complete to warn of a more significant turn lower with support seen next at the March low at $8570.”

“Above $9975 remains needed to ease the threat of a top for a move back to the $10748 high, then the psychological $11000 mark.”