Copper chart - Trading View
Copper was trading 1.95% higher at 2.376 at around 11:30, after closing 1.27% lower in the previous session.
Price action has bounced off 50-DMA support and has broken above 55-EMA, scope for further upside.
The pair trades in a 'Rising Channel' pattern and close above 55-EMA eyes 50% Fib at 2.427.
RSI is above 50 and biased higher. Bullish crossover in Stochastics adds to the upside bias.
GMMA indicator shows major and minor trend is neutral. Failure to hold above 55-EMA negates bullish bias.
On the flipside, decisive break below 21-EMA (2.341) will see dip till channel base at 2.300.
