Copper chart - Trading View
- COMEX copper is up more than a percent for the day. It is currently trading at $2.940 per pound.
- Price action has failed to extend weakness below 21-EMA which has offered strong support (currently at 2.899).
- Technical studies on the daily and weekly charts support gains. Decisive break above weekly cloud will see further upside.
- Break below 21-EMA support can see dip till 55-EMA at 2.8236. Bullish invalidation only below 200-DMA.
- On the upside, we see scope for test of 61.8% Fib at 3.019. Further momentum will take the pair to 3.132 (76.4% Fib).
Support levels - 2.9148 (5-DMA), 2.8993 (21-EMA), 2.874 (Mar 8 low)
Resistance levels - 2.979 (Feb 25 high), 3.019 (61.8% Fib), 3.132 (76.4% Fib)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.