FxWirePro: Copper dips below 21-EMA, further weakness on charts
Copper chart - Trading View
Copper slumped nearly 1.50% on the day to hit session lows at 2.8628 before paring some losses to trade at 2.8724 at around 10:45 GMT.
Price action has dipped below strong support at 21-EMA raising scope for further downside.
Sochs and RSI are biased lower and show bearish momentum. MACD and ADX support downside.
Volatility is low, but slowly rising. Next immediate support lies at 4H 200MA at 2.8381. Break below will add downside bias.
Price action is extending higher in a 'Rising Wedge' pattern and break below Wedge base will plummet prices.
Next major support lies at 23.6% Fib at 0.7501 ahead of cloud top at 2.6277 and 55-EMA at 2.7505.