- Copper has broken consolidation phase to resume downside.
- Price action is currently holding by strong support at 2.445 which is trendline and 50-DMA.
- Break below is likely to see test of 2.40 (50% Fib) and then 2.327 (61.8% Fib).
- Technicals are bearishly aligned. RSI remains below 50 and MACD supports bearish momentum.
- Support levels - 2.445 (trendline and 50-DMA), 2.426 (Nov 15 low), 2.408 (50% Fib)
- Resistance levels - 2.477 (session high), 2.489 (38.2% Fib), 2.490 (5-DMA)
Recommendation: Good to sell rallies around 2.480, SL: 2.525, TP: 2.445/ 2.425/ 2.40


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