Technicals

Add as a preferred source on Google

FxWirePro: Copper bounces off Wedge base support, set to resume upside

Copper chart - Trading View Copper has bounced off Wedge base support and was extending upside. Price action has broken above 5-DMA and is consolidating break above 20-DMA. Stochastics have turned bullish and RSI is hold…

1 min read
FxWirePro: Copper bounces off Wedge base support, set to resume upside
Image from the original EconoTimes article

Read the original article

Copper chart - Trading View 

Copper has bounced off Wedge base support and was extending upside.

Price action has broken above 5-DMA and is consolidating break above 20-DMA.

Stochastics have turned bullish and RSI is holding above 5-DMA supporting uptrend.

Analysis of GMMA indicator shows major trend is bullish and minor trend is turning bullish on the intraday charts.

The pair extends upside in rising Wedge pattern and bounce off Wedge base support rekindles bulls. 

Scope for test of 3.00 mark. 21-EMA is strong support at 2.8680. Change in near-term trend only below daily cloud. 

Support levels - 2.86 (5-DMA), 2.77 (55-EMA)

Resistance levels - 2.96 (Upper BB), 3.00 (Wedge top)
 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560