Copper chart - Trading View
- Copper has once again taken support at 20-DMA, weakness only on break below.
- Price action is consolidating break above 200-DMA and we see scope for further gains.
- Technical studies on the daily and weekly charts support gains. But slight bearish divergence on Stochs keeps scope for downside.
- Break below 20-DMA support can see dip till 55-EMA at 2.8236. Bullish invalidation only below 200-DMA.
- On the upside, we see scope for test of 61.8% Fib at 3.019. Further momentum will take the pair to 3.132 (76.4% Fib).
Support levels - 2.9172 (5-DMA), 2.9066 (20-DMA), 2.874 (Mar 8 low)
Resistance levels - 2.979 (Feb 25 high), 3.019 (61.8% Fib), 3.132 (76.4% Fib)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
