Copper finds strong support at 2.675, good to short break below
Copper edges lower from fresh 3-month highs at 2.717.
The pair finds strong support at 2.675 (converged 5-DMA and trendline), weakness only on break below.
Technical studies are bearish on 4 Hour charts, RSI and Stochs have rolled over from overbought levels and MACD is showing a bearish crossover on signal line.
Break below 2.675 could see drag till 2.634 (1H 200-SMA).
On the flipside, break above 2.717 required for further upside. 2.737 (Feb 1st high) is next bull target.
Support levels - 2.675 (converged 5-DMA and trendline), 2.655 (June 29 low), 2.634 (1H 200-SMA)
Resistance levels - 2.70 (1H 20-SMA), 2.717 (June 30 high), 2.737 (Feb 1st high)
Good to go short on break below 2.675, SL: 2.70, TP: 2.655/ 2.634
The pair finds strong support at 2.675 (converged 5-DMA and trendline), weakness only on break below.
Technical studies are bearish on 4 Hour charts, RSI and Stochs have rolled over from overbought levels and MACD is showing a bearish crossover on signal line.
Break below 2.675 could see drag till 2.634 (1H 200-SMA).
On the flipside, break above 2.717 required for further upside. 2.737 (Feb 1st high) is next bull target.
Support levels - 2.675 (converged 5-DMA and trendline), 2.655 (June 29 low), 2.634 (1H 200-SMA)
Resistance levels - 2.70 (1H 20-SMA), 2.717 (June 30 high), 2.737 (Feb 1st high)
Good to go short on break below 2.675, SL: 2.70, TP: 2.655/ 2.634
Technicals have turned bearish on daily charts.
Bias lower, stay short.