- Copper has broken above 5-DMA after bouncing off major support by 50-DMA currently at 2.5794.
- We see scope for test of major trendline resistance at 2.70. Further upside only on break above.
- Major support on the downside is seen at 2.58 (converged 50&20 DMAs).
- Break below could see drag upto 2.489 (38.2% Fib retrace of 2.064 to 2.752 rally).
- Technical studies support upside, bullish invalidation only on break below 50-DMA.
- Support levels - 2.6265 (5-DMA), 2.590 (23.6% Fib), 2.5793 (50-DMA)
- Resistance levels - 2.667 (Jan 23 high), 2.70 (trendline), 2.711 (Jan 16 high)
Recommendation: Good to go long on dips around 2.635, SL: 2.60, TP: 2.665/ 2.70/ 2.710
