Chart - Courtesy Trading View
Technical Analysis: Bias Bearish
- Copper was trading 1.20% lower on the day at 4.64 at around 13:00 GMT
- Price action has broken below 50-DMA and daily cloud support raising scope for further downside
- The pair is extending weakness for the 2nd straight session, closed 2.19% lower in the previous session
- RSI has slipped below 50 mark, bias is lower, MACD and ADX support weakness
- Price action has slipped below 200H MA and GMMA indicator has turned bearish on the intraday charts
Support levels - 4.550 (110-EMA), 4.433 (200-DMA)
Resistance levels - 4.699 (21-EMA), 4.716 (20-DMA)
Summary: Copper poised for further downside, scope for dip till 110-EMA at 4.550.
