- Copper struggles to hold break above 21-EMA, edges lower for the 3rd straight session.
- Price action has broken below 5-DMA and technical indicators support further weakness.
- Stochs and RSI is sharply lower, MACD is well below zero level.
- We see scope for test of trendline support at 2.685. Violation there could see further weakness.
- Break below 2.685 will see further weakness, scope for test of 2.628 (50% Fib)
- We see bearish invalidation only above 21-EMA.
Support levels - 2.685 (trendline), 2.628 (50% Fib)
Resistance levels - 2.741 (5-DMA), 2.774 (21-EMA)
Recommendation: Good to go short on upticks, SL: 2.775, TP: 2.685/ 2.625
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 34.9378 (Neutral) at 1215 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
