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FxWirePro: Copper slips below 200H MA, scope for more weakness

COPPER chart - Trading View 

Copper was trading 1.82% lower on the day at 4.064 at around 09:55 GMT.

Price action has slipped below 200H MA support, scope for further downside.

The pair is set to break 6-week winning streak and is on track to close weaker for the week.

After 5 straight months of upside, the pair has formed a spinning top on the monthly candle till date. 

21-EMA is strong support at 4.034, break below will change near-term bias to bearish.

Major supports on the downside below 21-EMA align at 3.838 (55-EMA), 3.798 (23.6% Fib) and 3.603 (110-EMA).

On the flipside, major trend is still bullish. Bounce off 21-EMA support will see upside resumption. 
 

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