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FxWirePro: Copper bounces off 200-DMA support, bias neutral

COPPER chart - Courtesy Trading View 

Technical Analysis: Bias Neutral

GMMA Indicator

- Long and short term moving averages are flat and show a neutral bias

Ichimoku Analysis

- Price action has paused downside at daily cloud support

- Chikou span is biased higher at the time of writing

Oscillators

- Stochs are at oversold levels with scope for bullish rollover

- RSI is flat around 47 levels

Bollinger Bands

- Bollinger bands are wide and show high volatility

Major Support Levels: 4.292 (200-DMA), 4.212 (Cloud base)

Major Resistance Levels: 4.368 (55-EMA), 4.389 (21-EMA)

Summary: Copper trades with a neutral bias. Price action is set to extend sideways grind along 200-DMA support. 
 

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