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FxWirePro: Copper spikes higher to fresh 4-month high, break major trendline resistance

Chart - Courtesy Trading View 

Technical Analysis: Bias Bullish

- Copper is extending previous session's whopping 3.68% gains

- Price action has broken major trendline resistance and hit fresh 4-month high

- Momentum is strongly bullish. RSI is above 60 levels and biased higher, Stochs are sharply higher

- Volatility is high and rising, GMMA indicator shows major and minor trend are bullish

- Copper price action has held support at weekly cloud, weakness only on break below

Support levels - 4.615 (Trendline), 4.552 (5-DMA), 4.480 (21-EMA)

Resistance levels - 4.818 (Oct 2021 high), 4.885 (May 2021 high), 5.00

Summary: Copper trades with a strong bullish bias. Scope for test of fresh yearly high. 
 

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