FxWirePro: Copper closes below 100-DMA, bias lower, stay short

• Copper has shown a decisive close below 100-DMA on Monday's trade, bias remains lower.
   
• Copper has been rejected at 50-DMA and is currently extending declines along downward sloping channel.
   
• We have evidenced a bearish RSI divergence which keeps downside bias intact.
   
• Break below 100-DMA has raised scope for test of channel base support at 2.485.

Support levels - 2.566 (Mar 27 low), 2.558 (Mar 9 low), 2.485 (channel base)

Resistance levels - 2.6270 (100-DMA), 2.638 (20-DMA), 2.665 (channel top), 2.673 (50-DMA)

TIME  TREND INDEX  OB/OS INDEX  
 
1H          Neutral               Neutral       
4H          Bearish               Neutral       
1D          Bearish               Neutral        
1W         Bearish               Neutral  
   
Call update: Our previous call (http://www.econotimes.com/FxWirePro-Copper-rejected-at-50-DMA-good-to-go-short-on-break-below-5-DMA-at-26550-617080) has hit TP1,2&3.

Recommendation: Book partial profits, lower trailing stop to 2.6270, hold for 2.560/ 2.50/ 2.485.