Copper stays strong

We had measured a Fibonacci retracement on copper from the high at the 243.71 level to the low at the 200.17 level. After copper made a low at the 200.17 level, it stalled there and started to consolidate. On the last few days the commodity has stayed above the 23.6% Fibo, around the 210.53 level. If the price continues rallying, then the 38.2% Fibo, around the 216.84 level could act as its next resistance. To the downside, the 203.46 could act once again as a support in case the price falls again to that zone.