FxWirePro: Copper grinds lower along 200H MA resistance, intraday bias neutral

Copper chart - Trading View 

Copper is extending weakness for the 3rd straight session, intraday bias remains neutral.

The pair has failed to extend bounce from over 3-year lows, finds stiff resistance at 200H MA at 2.165.

Copper was trading 0.32% lower on the day at 2.161 at around 10:00 GMT, after closing 0.65% lower on Friday's trade.

'Death Cross' (bearish 50-DMA crossover on 200-DMA) likely caps upside in the pair.

Major trend is strongly bearish and minor trend has again turned bearish on the GMMA indicator.

5-DMA is still biased higher. Breakout at 200H MA could see upside continuation. Test of 21-EMA 2.312 then likely.

On the flipside, rejection at 200H MA eyes immediate support at 88.6% Fib at 2.094 ahead of 1.970 (Mar 19 low).

Support levels - 2.094 (88.6% Fib), 1.970 (Mar 19 low)

Resistance levels - 2.165 (200H MA), 2.184 (5-DMA)