COPPER chart - Trading View
Copper was extending weakness for the 3rd straight session, slips below 200H MA.
Price action is seeing downside after oscillators have shown a rollover from overbought levels.
5-DMA has turned and is capping upside at 4.7023. Stochs and RSI have rolled over from overbought levels.
Major trend in the pair remains bullish and the current downside is likely a temporary weakness on account of overbought conditions.
Copper prices are set to extend the bull run after having tested record highs of 4.885 earlier this month.
Pullbacks are likely to be limited and find strong support at 4.50 (converged 20-DMA and 21-EMA). Break below could change near-term dynamics.
