Copper rose on Thursday and hit session high at $3.0915, boosted by better than expected Chinese data (Manufacturing PMI 51.8 in Nov vs 51.4 f/c).
Doji reversal pattern is forming on daily chart after Wednesday action ended in long-legged Doji but managed to close at cloud base ($3.0663) despite spike to strong support at $3.0324 (Fibo 61.8% of larger $2.8930/$3.2580 ascend) which contained dip.
Cloud base continues to provide strong support for further recovery. Fresh bulls cracked pivotal barrier at $3.0863 (Fibo 38.2% of $3.1750/$3.0324) with sustained break here needed to generate fresh bullish signal for extension towards $3.1033 (daily Tenkan-sen).
Daily studies remain bearishly aligned, with risk of limited recovery ahead of fresh weakness, being in play.
While daily Tenkan-sen caps, the downside will remain vulnerable for renewed probe below cloud base, with clear break lower to signal bearish continuation.
Conversely, bears will be delayed on lift above Tenkan-sen (3.1033) and Kijun-sen ($3.1145), but sustained break above daily cloud top ($3.1300) is needed to neutralize existing bearish threats.
Res: 3.0863; 3.0915; 3.1033; 3.1145
Sup: 3.0663; 3.0505; 3.0324; 3.0305
