Copper chart - Trading View
Copper was trading 0.77% higher at 2.351 at around 09:00, after closing 1.93% lower in the previous session.
The pair has paused 2 straight sessions of weakness and is holding support at 21-EMA at 2.336.
Break below 21-EMA will see more weakness and a 'Bearish Divergence' on the Stochastics on daily charts adds to the bearish bias.
GMMA indicator shows major trend is neutral and minor trend has turned bearish. Stochs are on verge of rollover from overbought levels.
The pair trades in a 'Rising Channel' pattern and break below 21-EMA will see dip till channel base at 2.280. Breach at channel base will open downside.
On the flipside, decisive breakout above daily cloud will see the pair test new highs.
