FxWirePro: Copper extends higher after taking cloud support, bias higher, stay long

• Copper extends after taking strong support at daily cloud, bias higher.
   
• The commodity is trading 0.47% higher on the day, with a day's high at 3.111 and low at 3.082.
   
• Technical studies are biased higher, RSI is strong above 50 and biased north, and we see a bullish MACD line crossover on signal line.
   
• We see +ve DMI dominance and ADX is above 25 and rising which supports upside.
   
• Stochs are rising but at overbought levels, so some caution advised. We suggest trades with tight stop loss.
   
• Next bull target lies at 3.176 (Sept 5th high), while 5-DMA at 3.061 is next major support.
   
• Bullish invalidation seen only on break below daily cloud, scope then for test of 20-DMA at 2.982.

Support levels - 3.061 (5-DMA), 3.056 (cloud top), 2.982 (20-DMA)

Resistance levels - 3.176 (Sept 5 high), 3.20, 3.235 (channel top)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-Copper-finds-strong-support-at-daily-cloud-bias-higher-good-to-go-long-on-dips-944997) has hit TP1/2.

Recommendation: Book partial profits, raise trailing stops to 3.060, hold for further upside.

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