Copper breaks 20-DMA, bias lower, stay short below 50-DMA
Copper slips below daily Ichimoku cloud, intraday bias bearish.
Price action has broken below 20-DMA at 3.1064 and is currently holding above 50-DMA at 3.0804.
Technical indicators are turning bearish. Stochs are on the verge of a rollover from ovebought levels.
RSI has taken a turn lower, is now biased south and has slipped below 50 levels.
We see strong support at 50-DMA at 3.0802, break below to see further weakness.
Support levels - 3.0802 (50-DMA), 3.0632 (cloud base), 3.05 (trendline)
Resistance levels - 3.1059 (20-DMA), 3.1142 (cloud top), 3.1345 (5-DMA)
Good to go short on break below 50-DMA at 3.08, SL: 3.10, TP: 3.060/ 3.050/ 3.030.
Price action has broken below 20-DMA at 3.1064 and is currently holding above 50-DMA at 3.0804.
Technical indicators are turning bearish. Stochs are on the verge of a rollover from ovebought levels.
RSI has taken a turn lower, is now biased south and has slipped below 50 levels.
We see strong support at 50-DMA at 3.0802, break below to see further weakness.
Support levels - 3.0802 (50-DMA), 3.0632 (cloud base), 3.05 (trendline)
Resistance levels - 3.1059 (20-DMA), 3.1142 (cloud top), 3.1345 (5-DMA)
Good to go short on break below 50-DMA at 3.08, SL: 3.10, TP: 3.060/ 3.050/ 3.030.
Comment:
TP1/2 hit. Bias lower.