- Copper is trading in a narrow range on the day, hovers around 50-DMA at 2.966.
- The pair has bounced off cloud support, and closed above 50-DMA at 2.9611 on Thursday's trade.
- Stochs have shown a rollover from oversold levels on the daily charts, while MACD is on verge of a bullish crossover.
- Close above 50-DMA has raised scope for further upside. Scope now for test of 20-DMA at 3.0061.
- On the flipside, breach of cloud top could see further weakness. 100-DMA at 2.7930 then insight.
Support levels - 2.9158 (cloud top), 2.839 (July 28 low), 2.7930 (100-DMA)
Resistance levels - 2.993 (Sept 20 high), 3.010 (23.6% Fib), 3.0061 (20-DMA)
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