- Copper 0.82% lower on the day, edges lower from fresh 3-month highs at 2.717.
- The pair finds strong support at 2.675 (converged 5-DMA and trendline), weakness only on break below.
- Technical studies are bearish on 4 Hour charts, RSI and Stochs have rolled over from overbought levels and MACD is showing a bearish crossover on signal line.
- Break below 2.675 could see drag till 2.634 (1H 200-SMA).
- On the flipside, break above 2.717 required for further upside. 2.737 (Feb 1st high) is next bull target.
Support levels - 2.675 (converged 5-DMA and trendline), 2.655 (June 29 low), 2.634 (1H 200-SMA)
Resistance levels - 2.70 (1H 20-SMA), 2.717 (June 30 high), 2.737 (Feb 1st high)
Recommendation: Good to go short on break below 2.675, SL: 2.70, TP: 2.655/ 2.634
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