Copper struggles at 20-DMA, long break above
Copper has been struggling to break past 20-DMA from the past couple of sessions.
We see slight bullish divergence between price action and RSI which has raised scope for upside.
Technical studies are neutral for now, RSI and Stochs are biased north.
Break above 20-DMA with RSI rise above 50 could add upside momentum.
Price action was rejected at lows on Thursday's trade with a hammer formation.
200-DMA at 2.4625 is strong support on the downside, we see weakness only on break below.
Support levels - 2.5422 (5-DMA), 2.484 (May 18 low), 2.4625 (200-DMA)
Resistance levels - 2.5520 (Weekly 5-SMA), 2.5928 (50-DMA), 2.6198 (Cloud base)
Breakout above 20-DMA to target 2.5930, 2.60/ 2.61/ 2.6250
We see slight bullish divergence between price action and RSI which has raised scope for upside.
Technical studies are neutral for now, RSI and Stochs are biased north.
Break above 20-DMA with RSI rise above 50 could add upside momentum.
Price action was rejected at lows on Thursday's trade with a hammer formation.
200-DMA at 2.4625 is strong support on the downside, we see weakness only on break below.
Support levels - 2.5422 (5-DMA), 2.484 (May 18 low), 2.4625 (200-DMA)
Resistance levels - 2.5520 (Weekly 5-SMA), 2.5928 (50-DMA), 2.6198 (Cloud base)
Breakout above 20-DMA to target 2.5930, 2.60/ 2.61/ 2.6250
Stay long