- Copper is extending gains after brief consolidation around 200-DMA.
- The pair is trading 0.57% higher on the day, bias remains higher.
- Upside finds stiff resistance at 3.110 (major trendline), breakout to see further gains.
- Technical indicators are bullish. Momentum also with the bulls.
- MACD is showing a bullish crossover on signal line which adds to bullish bias.
- Break above 3.11 (trendline) will see test of 3.173 (61.8% Fib). While we see weakness on retrace below 200-DMA.
Support levels - 3.065 (21-EMA), 3.053 (200-DMA), 3.027 (23.6% Fib)
Resistance levels - 3.097 (110-EMA), 3.110 (trendline), 3.173 (61.8% Fib)
Recommendation: Watch out for break above 3.110 to go long, target 3.150/ 3.170
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