- 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.


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