- Copper has broken above major trendline resistance at 2.625, bias higher.
- The pair has broken above daily cloud top which is now holding as good support.
- The pair has also closed above 100-DMA on last Friday.
- Technical studies support further upside in the pair, scope for test of 61.8% Fib of 2.822 to 2.472 fall at 2.688.
- Bullish invalidation on close below 100-DMA. Test of 20-DMA at 2.5791 then likely.
Support levels - 2.629 (cloud top), 2.624 (100-DMA), 2.598 (5-DMA)
Resistance levels - 2.647 (50% Fib), 2.688 (61.8% Fib), 2.693 (May 1 high)
Recommendation: Good to go long around 2.625/30 levels, SL: 2.595, TP: 2.650/ 2.680/ 2.7
