FxWirePro: Copper holds 20-DMA support, outlook turning bullish

Copper chart - Trading View 

Copper was trading 1.25% higher on the day at 2.359 at around 11:30 GMT.

Price is extending upside for the 3rd straight session, bias is turning bullish.

The pair is extending upside in a 'Rising Channel' pattern and has bounced off 20-DMA support.

Technical indicators are supporting gains. RSI is above 50 and biased higher. Momentum with the bulls.

The pair has broken above 50-DMA and is testing 55-EMA resistance. Price action is above 200H MA.

Volatility is rising on the intraday charts, scope for further upside. 55-EMA is immediate resistance at 2.370.

Next major hurdle above 55-EMA aligns at 50% Fib at 2.427 ahead of channel top at 2.480.

20-DMA is strong support at 2.318. Break below will negate any bullish bias.