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COPPER chart - Trading View
Technical Analysis: Bias Bearish
- Copper consolidates previous session's slump, outlook bearish, further weakness likely
- The pair was trading 0.52% higher on the day after closing 2.90% lower in the previous session
- Price action has paused 4 straight session's of downside, finds strong support at 55-EMA
- RSI has slipped below 50 mark, Bearish RSI divergence on the daily charts keeps downside bias
- Price action has breached 21-EMA support, 5-DMA has turned and is biased lower
- The pair trades below 200H MA and volatility is high on the intraday charts
Support levels - 4.435 (Lower BB), 4.398 (55-EMA), 4.310 (cloud top)
Resistance levels - 4.563 (21-EMA), 4.616 (20-DMA), 4.704 (Monthly high)
Summary: Copper recovery lacks traction. The pair finds stiff resistance at 4.562. Technical analysis shows bias is bearish. The pair is on track to extend pullback. Scope for test of 55-EMA at 4.398. Major trend is still bullish. Retrace above 200H MA will see upside resumption.
