FxWirePro: Copper extends bounce off 110-EMA, inches closer towards daily cloud
COPPER chart - Trading View
Copper was extending bullish streak for the 4th straight session.
Price action is just shy of the daily cloud and technical indicators are turning bullish.
Copper was trading 1.36% higher on the day at 1.395 at around 12:35 GMT.
Stochs and RSI are biased higher, volatility is rising as evidenced by widening Bollinger bands.
Major trend is bullish. Price action is testing 50-DMA resistance at 1.397.
Pullback from multi-year highs at 4.885 (May 10th) has held support at 110-EMA, any further weakness only on break below.
Price action has broken above 55-EMA and is on track to test daily cloud. Break above will see bullish continuation.