- Copper has broken above stiff resistance at 3.110 on Tuesday's trade, scope for further upside.
- The pair has broken out of consolidation around 200-DMA and bulls now target 61.8% Fib at 3.173.
- Downside was rejected at session lows at 3.105 and the pair is currently trading at 3.133.
- Technical indicators are bullish. Momentum stays with the bulls. MACD is showing a bullish crossover on signal line which adds to bullish bias.
- Upside now finds next major resistance at daily cloud at 3.157, break above will see test of 3.173 (61.8% Fib).
- On the flipside, immediate support is seen at 55-EMA at 3.106 and we see bullish invalidation on retrace below 200-DMA.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-Copper-finds-stiff-resistance-at-3110-good-to-go-long-on-break-above-1244948) is progressing well.
Recommendation: Hold for targets.
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