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, break above targets 23.6% Fib at 2.731 - EconoTimes)
COPPER chart on Trading View used for analysis
- Copper edges higher for the second straight session, trades 1.34% higher on the day.
- Upside remains capped at 20-DMA at 2.6685, further upside only on break above.
- Major trend remains bearish, but copper bounces off strong support at 200W SMA at 2.611.
- We see bullish divergence on RSI and Stochs which raises scope for upside.
- However, persistent fears over escalating trade tensions between the United States and top metals consumer China will keep upside limited.
- Breakout at 20-DMA will see test of 21-EMA at 2.681 ahead of 23.6% Fib at 2.731.
- Technical studies on weekly charts are highly bearish. Momentum with the bears.
- Break below 200W SMA will likely see downside till next major support at 2.465 (converged trendline and 61.8% Fib).
Support levels - 2.638 (5-DMA), 2.611 (200W SMA)
Resistance levels - 2.669 (20-DMA), 2.681 (21-EMA), 2.731 (23.6% Fib)
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -54.7345 (Neutral) at 1145 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
