- Copper rejected at session highs at 3.144, slips lower to currently trade at 3.090.
- The pair finds strong support at 200-DMA (3.0811), break below to see further weakness.
- Price is currently down 0.78% on the day, extends choppy trade above 3.0 mark.
- Price action remains capped by daily cloud which weighs heavily on the upside.
- Technical indicators on daily charts are turning slightly bearish. Stochs and RSI have turned south. RSI has slipped below 50 handle.
- Break below 200-DMA will see test of 3.0 levels. On the upside, any meaningful gains only on break above daily cloud.
Support levels - 3.0811 (200-DMA), 3.024 (Feb 9 low), 3.0 (38.2% Fib)
Resistance levels - 3.1143 (5-DMA), 3.120 (23.6% Fib), 3.123 (cloud base)
Recommendation: Good to go short on break below 200-DMA, SL: 3.120, TP: 3.040/ 3.025/ 3.0
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