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Copper chart on Trading View used for analysis
- Copper bounces off cloud support, trades 0.78% higher on the day at 2.736 at the time of writing.
- Base metals to remain under pressure from lingering concerns over the United States-China trade spat.
- Stochs are RSI are sharply lower, MACD is on verge of bearish crossover on signal line.
- Upside was rejected at 110-EMA and any upside only on decisive break above.
- On the downside, breach at cloud support could see weakness till 2.663 (Nov 13,14 low).
Support levels - 2.7100 (cloud base), 2.680 (major trendline), 2.663 (Nov 13, 14 low)
Resistance levels - 2.7472 (5-DMA), 2.7906 (110-EMA), 2.844 (Nov 20 high)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
