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Copper chart - Trading View
Copper grinds higher along 21-EMA support, scope for further upside.
The pair was trading 1.22% higher on the day at 2.336 at around 10:25 GMT after closing 0.44% higher in the previous session.
Technical indicators are holding a bullish bias after pair failed to break below 21-EMA support.
Stochs and RSI show bullish momentum and bullish MACD line crossover on signal line support upside.
Major trend in the pair as evidenced by GMMA indicator is turning neutral, while minor trend is bullish.
Scope for test of 55-EMA at 2.395. Retrace below 21-EMA negates any bullish bias.
Support levels - 2.317 (5-DMA), 2.287 (21-EMA), 2.232 (78.6% Fib)
Resistance levels - 2.360 (Upper BB), 2.395 (55-EMA), 2.404 (50-DMA)
