- Copper extends decline from fresh 3-month highs at 2.717, bias lower.
- Technical indicators have turned bearish, RSI is biased lower and Stochs have shown rollover from overbought levels.
- On 4-hour charts, we see bearish divergence on RSI and the pair is currently holding strong support at 4H 50-SMA at 2.660.
- Break below 2.660 could see drag till 2.6233 (20-DMA).
- On the flipside, break above 2.717 required for further upside.
Support levels - 2.660 (4H 50-SMA), 2.655 (June 29 low), 2.6233 (20-DMA)
Resistance levels - 2.6851 (5-DMA), 2.70, 2.717 (June 30 high), 2.737 (Feb 1st high)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-Copper-finds-strong-support-at-2675-good-to-go-short-on-break-below-785770) is progressing well.
Recommendation: Hold for targets.
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