- Copper extends choppy trade, holds above 3.0 mark, bias bearish.
- Price action remains capped by daily cloud which weighs heavily on the upside.
- Technical indicators on daily charts are turning slightly bearish. Stochs and RSI have turned south.
- We see -ve DMI on verge of crossover on +ve DMI, which if completed will add to the bearish bias.
- 200-DMA offers strong support on the downside, break below will see further weakness.
- On the upside, any meaningful gains only on break above daily cloud.
Support levels - 3.079 (200-DMA), 3.024 (Feb 9 low), 3.0 (38.2% Fib)
Resistance levels - 3.120 (converged 23.6% Fib and 5-DMA), 3.130 (cloud base), 3.139 (100-DMA)
Recommendation: Good to go short on break below 200-DMA, SL: 3.120, TP: 3.040/ 3.025/ 3.0
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