FxWirePro: Copper pivotal at 200H MA, break above to see further gains
Copper chart - Trading View
Copper has bounced off from over 3-year lows and was trading over 2% higher for the week.
Price action was largely muted on the day with session highs at 2.202 and lows at 2.167.
The pair is holding support at 5-DMA at 2.172, and technical studies are turning slightly bullish.
5-DMA is now biased higher and Stochs and RSI have rolled over from oversold levels.
200H MA is offering stiff resistance. Price action is grinding sideways along 200H MA. Break above will fuel further gains.
Bounce could be shallow as 'Death Cross' (bearish 50-DMA crossover on 200-DMA) weighs on the upside.
Breakout at 200H MA could see test of 21-EMA at 2.329. Further gains only on decisive break above 21-EMA.
Support levels - 2.172 (5-DMA), 2.094 (88.6% Fib)
Resistance levels - 2.232 (78.6% Fib), 2.329 (21-EMA)