- Copper edges lower from multi-month highs at 3.319, was trading at 3.309 at the time of writing.
- The metal prices hit levels unseen since Jan 2014 before paring some gains.
- Price action has shown breakout at major trendline resistance at 3.270.
- Technical studies support upside. Momentum indicators on daily charts are highly bullish.
- Immediate resistance lies at 3.335 (61.8% Fib retrace of 4.20 to 1.936 fall), while 5-DMA at 3.263 is immediate support.
Support levels - 3.262 (5-DMA), 3.110 (20-DMA), 3.0
Resistance levels - 3.335 (61.8% Fib retrace of 4.20 to 1.936 fall), 3.422 (Dec 2013 high)
Recommendation: Good to go long on dips around 3.275, SL: 3.2, TP: 3.300/ 3.335/ 3.400.
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