FxWirePro: Copper extends breaks 20-DMA, eyes 50-DMA at 2.9094, stay short

• Copper extends slump for 3rd consecutive session, trades 1.51% lower on the day.
   
• Technical indicators have turned bearish on daily charts, downside now eyes immediate support at 50-DMA at 2.9094.
   
• Violation at 50-DMA would then see test of 200-DMA at 2.6860.
   
• RSI and Stochs are on verge of rollover from overbought levels on the weekly charts, confirmation of which would see further downside.
   
• On the flipside, 1H 50-SMA at 3.0026 is immediate resistance. Break above could see minor upside till 3.0134 (W 5-SMA).

Call update: Our previous call (http://www.econotimes.com/FxWirePro-Copper-extends-correction-from-multi-year-highs-at-3176-breaks-20-DMA-support-bias-lower-897308) is progressing well.

Recommendation: Bias lower, stay short.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest