COPPER chart - Trading View
Technical Analysis: Bias Bearish
- Copper trades 1.27% higher on the day at 4.3178 at around 11:50 GMT
- Pullback from multi-year highs has bounced off cloud support
- Momentum studies are bullish, Stochs and RSI are biased higher, RSI is above 60
- Volatility is high and rising as evidenced by widening Bollinger bands
- GMMA indicator shows major and minor trend are strongly bullish
Support levels - 4.260 (5-DMA), 4.193 (200H MA), 4.147 (21-EMA)
Resistance levels - 4.364 (Yearly high), 4.388 (Upper W BB), 4.40 (psychological mark)
Summary: Technical bias for the pair is bullish. Scope for copper to refresh 2021 highs above 4.364 mark. Bullish invalidation only below daily cloud.
