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Copper chart - Trading View
Copper extends retreat from 4-week highs at 2.350, bias is turning slightly bearish.
The pair was trading 1.68% lower on the day at 2.288 at around 09:15 GMT after closing 0.32% higher in the previous session.
Technical indicators are turning bearish. Stochs are on verge of rollover from overbought levels.
Price action has slipped below 5-DMA and is testing 21-EMA support at 2.279. Decisive break below will see more weakness.
Major trend in the pair is bearish as evidenced by GMMA indicator. Minor trend is turning bearish.
Break below 21-EMA eyes 88.6% Fib at 2.094. Failure to break below 21-EMA negates bearish bias.
Support levels - 2.257 (200H MA), 2.094 (88.6% Fib)
Resistance levels - 2.331 (Upper BB), 2.400 (55-EMA)
