FxWirePro: Copper bounces off 50-DMA, on track to test 2.70, good to go long on dips

• Copper has broken above 5-DMA after bouncing off major support by 50-DMA currently at 2.5794.
   
• We see scope for test of major trendline resistance at 2.70. Further upside only on break above.
   
• Major support on the downside is seen at 2.58 (converged 50&20 DMAs).
   
• Break below could see drag upto 2.489 (38.2% Fib retrace of 2.064 to 2.752 rally).
   
• Technical studies support upside, bullish invalidation only on break below 50-DMA.
   
• Support levels - 2.6265 (5-DMA), 2.590 (23.6% Fib), 2.5793 (50-DMA)
   
• Resistance levels - 2.667 (Jan 23 high), 2.70 (trendline), 2.711 (Jan 16 high)
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Recommendation: Good to go long on dips around 2.635, SL: 2.60, TP: 2.665/ 2.70/ 2.710