Copper extends rally above psychological $3.0000 barrier

Copper contract for September broke through psychological $3.0000 and hit fresh high at 3.0135 on Tuesday, the highest since late Nov 2014.
Fresh bullish acceleration that commenced from last week’s correction low at $2.8750 extends into third consecutive day, with markets being driven more by technicals, as traders join broader longs in anticipation of further extension higher on sustained break above $3.0000 barrier.
The price is currently riding on extended third wave of five-wave cycle from $2.5385 (21 June trough) which broke above its FE 200% and may travel to 3.0640, its 138.2% Fibonacci expansion.
Hesitation to clearly break $3.0000 barrier could be expected, with downside attempts to be limited above former high at $2.9535 (09 Aug).
Rising daily Tenkan-sen continues to underpin the advance and offers next strong support and at $2.9420.

Res: 2.9945; 3.0000; 3.0135; 3.0310
Sup: 2.9660; 2.9535; 2.9420; 2.9295