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.
