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FxWirePro: Copper hits fresh 8-week highs, outlook bullish

COPPER chart - Trading View 

Technical Analysis: Bias Bearish

- Copper trades 1.27% higher on the day at 4.3178 at around 11:50 GMT

- Pullback from multi-year highs has bounced off cloud support

- Momentum studies are bullish, Stochs and RSI are biased higher, RSI is above 60

- Volatility is high and rising as evidenced by widening Bollinger bands

- GMMA indicator shows major and minor trend are strongly bullish

Support levels - 4.260 (5-DMA), 4.193 (200H MA), 4.147 (21-EMA)

Resistance levels - 4.364 (Yearly high), 4.388 (Upper W BB), 4.40 (psychological mark)

Summary: Technical bias for the pair is bullish. Scope for copper to refresh 2021 highs above 4.364 mark. Bullish invalidation only below daily cloud.
 

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