COPPER chart - Trading View
Copper extends gains for the 3rd straight session after price has shown a bounce off 200-DMA support.
Copper prices are trying to claw back losses with a drop in inventories suggesting some demand side recoveries.
Momentum indicators are just starting to turn. Stochs and RSI have turned higher with rollover from oversold levels.
Copper prices are above 5-DMA and have edged above 200H MA and are testing 21-EMA resistances with bulls likely targeting daily cloud.
Copper is cooling after hitting record highs at 4.8857 in May. A return to a bullish bias for copper prices may soon be around the corner.
Daily cloud is major resistance. Decisive break above will reinforce bullish momentum.
