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FxWirePro: Copper breaks below daily cloud, raises scope for further downside

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. 
 

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