FxWirePro: Copper extends weakness for the 3rd straight session, dip till 2.162 likely

Copper chart - Trading View 

Copper is extending weakness for the 3rd straight session, bias has turned bearish.

The pair was trading 1.04% lower on the day at 2.223 at around 07:10 GMT after closing 2.475 lower in the previous session.

Price action has slipped below 200H MA and technical indicators are turning bearish.

RSI is below 50 mark and biased lower. Stochs are showing a rollover from overbought levels.

Copper is extending retreat after rejection at major trendline resistance at 2.360. Scope for dip till trendline support at 2.162.

The pair is extending trade in a 'Symmetric Triangle' pattern and breakout will determine clear directional bias.

Support levels - 2.186 (23.6% Fib), 2.162 (trendline), 1.970 (Mar 19 low)

Resistance levels - 2.252 (Tenkan Sen), 2.279 (21-EMA), 2.340 (Trendline)