Copper trades 0.41% higher on the day at around 3.158 levels, bias higher.
Price action has shown a decisive break above minor trendline resistance at 3.145.
Daily cloud offers strong support, we see weakness only on break below 20-DMA at 3.105.
Price action chugs higher along rising channel, technical studies are biased higher.
RSI is above 50 levels and Stochs are biased higher. MACD is showing a bullish crossover on signal line.
We see +ve DMI dominance, ADX is rising in support of trend.
Support levels - 3.142 (falling trendline), 3.130 (5-DMA), 3.105 (20-DMA), 3.074 (50-DMA)
Resistance levels - 3.182 (Nov 1 high), 3.236 (Oct 24 high), 3.258 (Oct 16 high)
Good to go long on dips around 3.150, SL: 3.125, TP: 3.175/ 3.20/ 3.230
Price action has shown a decisive break above minor trendline resistance at 3.145.
Daily cloud offers strong support, we see weakness only on break below 20-DMA at 3.105.
Price action chugs higher along rising channel, technical studies are biased higher.
RSI is above 50 levels and Stochs are biased higher. MACD is showing a bullish crossover on signal line.
We see +ve DMI dominance, ADX is rising in support of trend.
Support levels - 3.142 (falling trendline), 3.130 (5-DMA), 3.105 (20-DMA), 3.074 (50-DMA)
Resistance levels - 3.182 (Nov 1 high), 3.236 (Oct 24 high), 3.258 (Oct 16 high)
Good to go long on dips around 3.150, SL: 3.125, TP: 3.175/ 3.20/ 3.230
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.