- Copper is extending range trade for 2nd consecutive session, intraday bias still lower.
- Recovery attempts in the pair have been capped below 5-DMA and only close above 5-DMA could see some upside.
- Technical indicators are bearish, RSI flatlined at 58 and Stochs have shown rollover from overbought levels.
- We see stiff resistance at 2.668 (trendline on hourly charts), break above finds next resistance at 2.671 (38.2% Fib of 2.717 to 2.642 fall).
- On the flipside, 2.626 (20-DMA is immediate support, break below required for further downside.
Support levels - 2.642 (July 5 low), 2.626 (20-DMA), 2.606 (38.2% Fib of 2.822 to 2.472 fall)
Resistance levels - 2.670 (5-DMA), 2.70, 2.717 (June 30 high), 2.737 (Feb 1st high)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-Copper-finds-strong-support-at-2675-good-to-go-short-on-break-below-785770) has hit TP1.
Recommendation: Book partial profits at lows, hold for downside.
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