Copper chart - Trading View
Copper has halted 5-days of upside and was trading 1.04% lower on the day at 2.384 at around 10:00 GMT.
Price action was consolidating break above 55-EMA and daily cloud, bias remains bullish.
The pair is extending upside in a 'Rising Channel' pattern and upside bias intact as long as pair holds above 55-EMA.
The pair has faltered at 50% Fib retracement at 2.427, decisive break above will see further gains.
Momentum studies are bullish and rising volatility will see further upside. Retrace below 55-EMA negates upside bias.
Next major support below 55-EMA lies at 21-EMA at 2.335. Break below 21-EMA will see dip till channel base.
On the flipside, resumption od upside will see next hurdle at 110-EMA at 2.459 ahead of 61.8% Fib at 2.535 and 200-DMA at 2.569.
Support levels - 2.459 (110-EMA), 2.535 (61.8% Fib), 2.569 (200-DMA)
Resistance levels - 2.371 (55-EMA), 2.334 (21-EMA), 2.259 (Channel base)
