Copper breaks consolidation phase, likely to resume downside
Copper has broken consolidation phase to resume downside.
Price action is currently holding by strong support at 2.445 which is trendline and 50-DMA.
Break below is likely to see test of 2.40 (50% Fib) and then 2.327 (61.8% Fib).
Technicals are bearishly aligned. RSI remains below 50 and MACD supports bearish momentum.
Support levels - 2.445 (trendline and 50-DMA), 2.426 (Nov 15 low), 2.408 (50% Fib)
Resistance levels - 2.477 (session high), 2.489 (38.2% Fib), 2.490 (5-DMA)
Good to sell rallies around 2.480, SL: 2.525, TP: 2.445/ 2.425/ 2.40
Price action is currently holding by strong support at 2.445 which is trendline and 50-DMA.
Break below is likely to see test of 2.40 (50% Fib) and then 2.327 (61.8% Fib).
Technicals are bearishly aligned. RSI remains below 50 and MACD supports bearish momentum.
Support levels - 2.445 (trendline and 50-DMA), 2.426 (Nov 15 low), 2.408 (50% Fib)
Resistance levels - 2.477 (session high), 2.489 (38.2% Fib), 2.490 (5-DMA)
Good to sell rallies around 2.480, SL: 2.525, TP: 2.445/ 2.425/ 2.40
