FxWirePro: Copper breaks below 5-DMA, on track to test 50-DMA at 3.054, good to short rallies

• Copper slips lower for 3rd successive session, bias bearish.
   
• Upside remains capped below 5-DMA at 1.174, pair currently down 1.37% on the day.
   
• Technical studies have turned bearish. Stochs and RSI have rolled over from overbought levels. MACD is on verge of a bearish crossover on signal line.
   
• 20-DMA at 3.108 is immediate support, break below finds next major support at 50-DMA at 3.054.
   
• On the flipside, retrace above 5-DMA could see bearish invalidation.

Support levels - 3.108 (20-DMA), 3.054 (50-DMA), 3.015 (trendline support)

Resistance levels - 3.175 (5-DMA), 3.236 (Oct 24 high), 3.258 (Oct 16 high)

Recommendation: Good to go short on rallies around 3.140/150, SL: 3.185, TP: 3.110/ 3.055/ 3.015.

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