FxWirePro: Copper breaks major trendline resistance at 3.145, bias higher, stay long

• Copper trades 0.41% higher on the day at around 3.158 levels, bias higher.
   
• Price action has shown a decisive break above minor trendline resistance at 3.145.
   
• Daily cloud offers strong support, we see weakness only on break below 20-DMA at 3.105.
   
• Price action chugs higher along rising channel, technical studies are biased higher.
   
• RSI is above 50 levels and Stochs are biased higher. MACD is showing a bullish crossover on signal line.
   
• We see +ve DMI dominance, ADX is rising in support of trend.

Support levels - 3.142 (falling trendline), 3.130 (5-DMA), 3.105 (20-DMA), 3.074 (50-DMA)

Resistance levels - 3.182 (Nov 1 high), 3.236 (Oct 24 high), 3.258 (Oct 16 high)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-Copper-edges-above-20-DMA-at-31032-bias-higher-stay-long-1022316) has almost hit TP2.

Recommendation: Book partial profits, trail stop loss to 3.130, stay long for further upside.

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