COPPER chart - Trading View
Copper on track for further declines amid slowing growth from top consumer China.
Copper prices have retraced from 2019 highs at 2.994, currently hovers at 2.659.
Price action has slipped below cloud and 200-DMA, scope for further weakness.
GMMA indicator shows shift in major trend to bearish. MACD also supports downside.
Momentum with the bears. RSI is well below 50 and Stochs are sharply lower.
Recovery attempts capped at 200-DMA, price is extending consolidation below the next leg lower.
Next major bear target lies at 2.620 (rising trendline). Violation there will see further weakness.
Stiff resistance seen around 2.680 (nearly converged cloud base, 5-DMA and 50-DMA). Break above eyes retrace till 200-DMA.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
