COPPER chart - Trading View
Copper edges higher from fresh 3-week lows at 4.44 hit earlier on the day and was trading at 4.4937 at around 11:00 GMT.
Price action has slipped below 21-EMA and a bearish 5-DMA crossover on 20-DMA adds to bearish bias.
MACD supports downside with a bearish crossover on signal line. Price action is below 200H MA.
Momentum indicators are bearish. Stochs and RSI are biased lower and RSI has slipped below 50 mark.
'Bearish RSI Divergence' on the daily charts adds to the downside pressure. Scope for further weakness.
Major trend still remains bullish. Copper price are on track to test 55-EMA at 4.3260. Further weakness only on break below.
