Copper has broken consolidation phase to resume downside.
Price action is currently holding by strong support at 2.445 which is trendline and 50-DMA.
Break below is likely to see test of 2.40 (50% Fib) and then 2.327 (61.8% Fib).
Technicals are bearishly aligned. RSI remains below 50 and MACD supports bearish momentum.
Support levels - 2.445 (trendline and 50-DMA), 2.426 (Nov 15 low), 2.408 (50% Fib)
Resistance levels - 2.477 (session high), 2.489 (38.2% Fib), 2.490 (5-DMA)
Good to sell rallies around 2.480, SL: 2.525, TP: 2.445/ 2.425/ 2.40
Price action is currently holding by strong support at 2.445 which is trendline and 50-DMA.
Break below is likely to see test of 2.40 (50% Fib) and then 2.327 (61.8% Fib).
Technicals are bearishly aligned. RSI remains below 50 and MACD supports bearish momentum.
Support levels - 2.445 (trendline and 50-DMA), 2.426 (Nov 15 low), 2.408 (50% Fib)
Resistance levels - 2.477 (session high), 2.489 (38.2% Fib), 2.490 (5-DMA)
Good to sell rallies around 2.480, SL: 2.525, TP: 2.445/ 2.425/ 2.40
