Copper is extending weakness after break below 200-DMA at 3.0317.
The pair has shown a decisive breach at channel base support in the previous week's trade.
Price action is down 0.79% on the day, with the day's high capped at 3.00 handle.
The pair has slipped below 23.6% Fib retrace of 1.936 to 3.320 rally and has hit lowest since Oct 3rd.
Technical indicators are highly bearish and we see scope for test of 38.2% Fib at 2.791.
On the flipside, retrace and close above 200-DMA invalidates bearish bias.
Support levels - 2.890 (Sept 22 low), 2.873 (Aug 15 low), 2.791 (38.2% Fib)
Resistance levels - 3.0 (23.6% Fib), 3.014 (5-DMA), 3.031 (200-DMA)
Good to go short on rallies around 2.960/975, SL: 3.0, TP: 2.90/ 2.890/ 2.875/ 2.790
The pair has shown a decisive breach at channel base support in the previous week's trade.
Price action is down 0.79% on the day, with the day's high capped at 3.00 handle.
The pair has slipped below 23.6% Fib retrace of 1.936 to 3.320 rally and has hit lowest since Oct 3rd.
Technical indicators are highly bearish and we see scope for test of 38.2% Fib at 2.791.
On the flipside, retrace and close above 200-DMA invalidates bearish bias.
Support levels - 2.890 (Sept 22 low), 2.873 (Aug 15 low), 2.791 (38.2% Fib)
Resistance levels - 3.0 (23.6% Fib), 3.014 (5-DMA), 3.031 (200-DMA)
Good to go short on rallies around 2.960/975, SL: 3.0, TP: 2.90/ 2.890/ 2.875/ 2.790
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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.