FxWirePro: Copper slips below 38.2% Fib, on track to test 50-DMA at 2.4159

• Copper is extending downside from 6-month highs of 0.752 hit on Nov 27 after showing bearish divergence on RSI.
   
• The pair has broken below 38.2% Fib at 2.489 and bias is lower.
   
• We see scope for test of 50-DMA at 2.4158. Bearish invalidation on decisive close above 5-DMA currently at 2.5463.
   
• Our previous call (http://www.econotimes.com/FxWirePro-Bearish-RSI-divergence-on-copper-charts-good-to-go-short-on-rallies-443058) has hit all targets.
   
• Support levels - 2.477 (Dec 19 low), 2.4159 (50-DMA), 2.408 (50% Fib)
   
• Resistance levels - 2.503 (session high), 2.5469 (5-DMA), 2.590 (23.6% Fib)
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Recommendation: Good to sell rallies around 2.50, SL: 2.550, TP: 2.415/ 2.40