- Copper has bounced off cloud support and is currently hovering above 5-DMA at 2.9303.
- RSI and Stochs have shown a rollover from overbought levels on the weekly charts, which supports further downside.
- However, near-term bullishness likely on break above 50-DMA at 2.9611. Scope then for test of 20-DMA at 3.0118.
- On the flipside, breach of cloud top could see further weakness. 100-DMA at 2.7881 then insight.
Support levels - 2.8979 (cloud top), 2.839 (July 28 low), 2.788 (100-DMA)
Resistance levels - 2.9610 (50-DMA), 2.993 (Sept 20 high), 3.010 (23.6% Fib)
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