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Copper chart - Trading View
Copper was trading 0.34% lower on the day at 2.300 as we head into the NY session.
Price action is extending declines for the 3rd straight session, scope for further weakness.
The pair is extending trade in a Rising Channel pattern and upside was capped at stiff resistance at 55-EMA.
Technical indicators have turned bearish raising scope for further weakness.
Breach below daily cloud will likely see a dip till channel base at 2.220. Violation there could plummet prices further.
On the flipside, 21-EMA is immediate resistance at 2.311. Retrace above will see gains till 55-EMA at 2.371.
