Copper upside capped at daily cloud, stay short below 200-DMA at 3.0811
Price is currently down 0.78% on the day, extends choppy trade above 3.0 mark.
Price action remains capped by daily cloud which weighs heavily on the upside.
Technical indicators on daily charts are turning slightly bearish. Stochs and RSI have turned south. RSI has slipped below 50 handle.
Break below 200-DMA will see test of 3.0 levels. On the upside, any meaningful gains only on break above daily cloud.
Support levels - 3.0811 (200-DMA), 3.024 (Feb 9 low), 3.0 (38.2% Fib)
Resistance levels - 3.1143 (5-DMA), 3.120 (23.6% Fib), 3.123 (cloud base)
Good to go short on break below 200-DMA, SL: 3.120, TP: 3.040/ 3.025/ 3.0
Price is currently down 0.78% on the day, extends choppy trade above 3.0 mark.
Price action remains capped by daily cloud which weighs heavily on the upside.
Technical indicators on daily charts are turning slightly bearish. Stochs and RSI have turned south. RSI has slipped below 50 handle.
Break below 200-DMA will see test of 3.0 levels. On the upside, any meaningful gains only on break above daily cloud.
Support levels - 3.0811 (200-DMA), 3.024 (Feb 9 low), 3.0 (38.2% Fib)
Resistance levels - 3.1143 (5-DMA), 3.120 (23.6% Fib), 3.123 (cloud base)
Good to go short on break below 200-DMA, SL: 3.120, TP: 3.040/ 3.025/ 3.0