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FxWirePro: Copper holds 50-DMA support, short break below, target 3.120

  • Copper holds 50-DMA support at 3.157, weakness likely to accentuate on break below.
     
  • Technical indicators support weakness. RSI and Stochs are biased lower.
     
  • We see -ve DMI crossover on +ve DMI which adds to bearish bias.
     
  • Upside remains capped at major resistance at 20-DMA currently at 3.211.
     
  • Break below 50-DMA to see next major support at 3.120 (23.6% Fib retrace of 2.472 to 3.320 rally) ahead of 100-DMA at 3.109.
     
  • Violation at 100-DMA to see test of major trendline at 3.065.
     
  • On the upside, break above 20-DMA at 3.211 will result in invalidation of the bearish bias.         

Support levels - 3.120 (23.6% Fib retrace of 2.472 to 3.320 rally), 3.109 (100-DMA), 3.065 (trendline)

Resistance levels - 3.195 (5-DMA), 3.211 (20-DMA), 3.256 (Jan 25 high)

Recommendation: Good to go short break below 50-DMA, SL: 3.20, TP: 3.120/ 3.10/ 3.065

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January 22 19:00 UTC 432594432594m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 420774420774m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

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ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 420774420774m

ARAnnual Primary Balance*

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2016 bln ARS

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