- Copper trades largely unchanged at 3.124 levels, slips lower from session highs at 1.143.
- Daily cloud offers strong support at 3.0866, we see weakness only on break below.
- Price action edges higher along rising channel, has broken above 20-DMA at 3.1032.
- Technical studies are biased higher, RSI is above 50 levels and Stochs are biased higher.
- We see +ve DMI dominance, ADX is rising in support of trend. MACD is on verge of bearish crossover on signal line.
Support levels - 3.1033 (20-DMA), 3.0915 (5-DMA), 3.0665 (50-DMA)
Resistance levels - 3.145 (trendline) 3.182 (Nov 1 high), 3.236 (Oct 24 high)
Recommendation: Good to go long on dips around 3.120, SL: 3.090, TP: 3.145/ 3.165/ 3.180/ 3.230.
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