Copper breaks resistance at 3.145, good to long dips
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