Copper holds in red for the fourth straight day and hit one-week low at $2.7815 in extension of pullback from $2.8695/55 double-top, after bulls repeatedly failed to close above cracked Fibo barrier at $2.8425 (38.2% of $3.3140/$2.5510) and falling 100SMA capped the advance. The metal came under increased pressure on fresh strength of dollar on hawkish tone from Fed after raising interest rates. Dips eye strong supports at $2.7616/$2.7591 zone (Fibo 38.2% of $2.5870/$2.8695 / rising 10SMA) which is expected to contain correction and keep bulls in play for renewed attempt higher. Conversely, close below 10SMA would signal deeper pullback and put bulls on hold.
Res: 2.8270, 2.8465, 2.8695, 2.9000
Sup: 2.7815, 2.7590, 2.7283, 2.7000
