Copper breaks major resistance at 2.625, good to go long on dips
Copper has broken above major trendline resistance at 2.625, bias higher.
The pair has broken above daily cloud top which is now holding as good support.
The pair has also closed above 100-DMA on last Friday.
Technical studies support further upside in the pair, scope for test of 61.8% Fib of 2.822 to 2.472 fall at 2.688.
Bullish invalidation on close below 100-DMA. Test of 20-DMA at 2.5791 then likely.
Support levels - 2.629 (cloud top), 2.624 (100-DMA), 2.598 (5-DMA)
Resistance levels - 2.647 (50% Fib), 2.688 (61.8% Fib), 2.693 (May 1 high)
Good to go long around 2.625/30 levels, SL: 2.595, TP: 2.650/ 2.680/ 2.7
The pair has broken above daily cloud top which is now holding as good support.
The pair has also closed above 100-DMA on last Friday.
Technical studies support further upside in the pair, scope for test of 61.8% Fib of 2.822 to 2.472 fall at 2.688.
Bullish invalidation on close below 100-DMA. Test of 20-DMA at 2.5791 then likely.
Support levels - 2.629 (cloud top), 2.624 (100-DMA), 2.598 (5-DMA)
Resistance levels - 2.647 (50% Fib), 2.688 (61.8% Fib), 2.693 (May 1 high)
Good to go long around 2.625/30 levels, SL: 2.595, TP: 2.650/ 2.680/ 2.7