- Copper has managed a decisive break above 20-DMA, bias higher.
- The pair had been struggling to break past 20-DMA from the past couple of sessions.
- Breakout above 20-DMA has raised scope for test of 100-DMA at 2.6261.
- Technical studies have turned bullish, RSI is above 50 levels and Stochs are biased north.
- We see slight bullish divergence between price action and RSI which adds to upside bias.
Support levels - 2.5536 (20-DMA), 2.484 (May 18 low), 2.4646 (200-DMA)
Resistance levels - 2.5926 (50-DMA), 2.6198 (Cloud base), 2.6261 (100-DMA)
Call update: We had given a long in our previous call (http://www.econotimes.com/FxWirePro-Copper-struggles-at-20-DMA-good-to-go-long-on-break-above-712683).
Recommendation: Hold for targets.
