COPPER chart - Trading View
Copper erases early gains, slips lower from session highs at 4.5795 and was trading at 4.5087 at around 11:15 GMT.
The pair is struggling to hold break above 21-EMA. Bearish 5-DMA crossover on 20-DMA raises scope for downside.
Momentum indicators are bearish. Stochs and RSI are biased lower and RSI has slipped below 50 mark.
MACD supports downside with a bearish crossover on signal line. Price action is below 200H MA.
'Bearish RSI Divergence' on the daily charts adds to the downside pressure. Scope for further weakness.
Major trend still remains bullish, pullbacks are likely to be shallow. The pair is consolidating after 2 straight weeks of downside.
Copper price is extending choppy trade around 21-EMA. Prices are on track to test 55-EMA at 4.3341. Major weakness only on break below.
