COPPER chart - Trading View
Copper paused 2 straight sessions of downside and was trading 0.91% higher on the day at 4.010 at around 12:35 GMT.
Copper price action was consolidating above daily cloud and further weakness only on break below.
Major trend in the pair is bullish. However, GMMA indicator points to some weakness on the intraday charts.
Upside remains capped at 21-EMA which is stiff resistance at 4.039. Break above will see upside resumption.
On the flipside, 50-DMA is strong support along with daily cloud at 3.916. Break below cloud will open downside.
Scope then for test of 23.6% Fib at 3.798 ahead of 110-EMA at 3.684. Copper is on track to snap 5 straight months of upside.
