COPPER chart - Trading View
Copper price were down for the third straight session on Monday, outlook remains bearish.
Prospect of a debt default at China property developer Evergrande Group fuelled a sell-off across financial markets.
The pair is testing major support at 200-DMA at 4.144, decisive breach below will drag prices lower.
Technical indicators support weakness in the pair. Oscillators are in neutral zone and are biased lower.
MACD is on verge of bearish crossover on signal line. -ve DMI crossover on +ve DMI adds to the bearish bias.
Copper prices pivotal at 200-DMA support. Technicals biased lower. Scope for test of trendline support at 3.975.
