- Copper is extending downside for 2nd successive week, has broken support at 100-DMA at 3.1536.
- The pair is currently consolidating break below 100-DMA, we see successive doji formation on daily candles.
- Downside finds strong support at 110-EMA at 3.115, we see extension of weakness only on decisive break below.
- Technical indicators are biased lower. RSI below 50 levels and Stochs are biased lower. Break below 110-EMA will see test of 3.055 (major trendline support).
- On the flipside, retrace and close above 100-DMA could invalidate bearish bias.
Support levels - 3.1151 (110-EMA), 3.068 (50% Fib retrace of 4.20 to 1.936 fall), 3.055 (trendline)
Resistance levels - 3.1304 (cloud base), 3.1536 (100-DMA), 3.1677 (55-EMA)
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