- Copper is trading in a narrow range, with a day's high at 3.070 and low at 3.052.
- Daily cloud offers strong support on the downside and we see weakness only on break below.
- Copper is trading in a rising channel and technical studies support upside.
- RSI is strong above 50 and biased north, and we see a bullish MACD line crossover on signal line.
- Stochs are rising but at overbought levels, so some caution advised. We suggest trades with tight stop loss.
- Next bull target lies at 3.176 (Sept 5th high), while 5-DMA at 3.040 is next major support below cloud top.
Support levels - 3.0472 (cloud top), 3.040 (5-DMA), 2.972 (20-DMA)
Resistance levels - 3.082 (Sept 11 high), 3.176 (Sept 5 high), 3.20, 3.235 (channel top)
Recommendation: Good to go long on dips around 3.050, SL: 3.0, TP: 3.080/ 3.10/ 3.175
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