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FxWirePro: Copper consolidates Wedge breakout, bullish bias intact
COPPER chart - Trading View
Copper was trading 0.72% lower on the day at 3.168 at around 10:50 GMT, bias still bullish.
Price action is consolidating breakout above 'Rising Wedge' pattern, momentum still with the bulls.
The price of copper has hit fresh multi-month highs (3.216), levels unseen since July 2018 on Wednesday's trade.
Volatility is rising as evidenced by widening Bollinger bands. GMMA indicator shows major and minor trend are strongly bullish.
Price action is above major moving averages and daily cloud offers strong support in case of minor pullbacks.
Momentum indicators are bullish. RSI is above 60 mark and supports uptrend. CCI also supports upside.
Pair finds little resistance on the upside. Scope for test of 3.31 levels. Bullish invalidation only below daily cloud.