Chart - Courtesy Trading View
Copper was trading 0.81% lower on the day at 3.9895 at around 11:45 GMT.
Copper drops for the third consecutive day to revisit the lowest levels since March 2021.
Price action has slipped below 110-week EMA, raising scope for further downside.
Technical indicators are biased lower. Stochs and RSI show bearish momentum.
GMMA indicator shows major and minor trend are strongly bearish. Price action is below cloud and Chikou span is biased lower.
Copper is extending previous week's break below weekly cloud,
Major Support and Resistance Levels:
Support - 3.9465 (Mar 2021 low), Resistance - 4.0917 (5-DMA)
Summary: Copper remains depressed, on track for further downside amid recession fears, hawkish Fed speak.
