FxWirePro: Copper holds support at 110-EMA, jump till 2.550 likely
COPPER chart - Trading View
Copper has erased losses and edged higher from session lows at 2.454.
The pair was trading at 2.476, down 0.28% on the day at 12:50 GMT.
Price action grinds higher in a 'Rising Channel' pattern and we see scope for further upside.
Pullback has held support at 110-EMA (currently at 2.447), further weakness only on break below.
Analysis of GMMA indicator shows minor trend is bullish while major trend is turning bullish.
Break below 110-EMA will see dip till channel base at 2.410. While, resumption of upside could see a jump till 200-DMA at 2.554.
Support levels - 2.472 (5-DMA), 2.447 (110-EMA), 2.415 (21-EMA)
Resistance levels - 2.535 (61.8% Fib), 2.554 (200-DMA), 2.625 (Channel top)