- Copper has broken below strong support at 2.583, (cloud base & 20-DMA), bias lower.
- Technical indicators on daily charts have turned bearish. RSI and Stochs are biased lower.
- Upside remains capped below 20-DMA and daily cloud base.
- Downside now finds strong support at 2.520 (trendline), break below will see further drag.
Support levels - 2.520 (trendline), 2.515 (June 6 low), 2.484 (May 18 low)
Resistance levels - 2.583 (20-DMA), 2.596 (5-DMA), 2.620 (cloud top)
Call update: We had advised a short in our previous call (http://www.econotimes.com/FxWirePro-Copper-finds-strong-support-at-2583-good-to-go-short-on-decisive-break-below-755121).
Recommendation: Bias lower, stay short, target 2.520/ 2.485.
