Technical Analysis

Copper Extended Recovery Pressures Key Barriers at $3.1053 and $3.1174


Copper extends steep recovery into third day and tests barrier at $3.1053 (falling 20SMA).

Higher base is forming at $3.0324 with recovery being tracked by rising daily cloud and metal's price supported by firmer China's housing sector numbers.

Recovery eyes pivotal barrier at $3.1174 (Fibo 38.2% of $3.2580/$3.0305 downleg), close above which would signal further correction and expose barrier at 3.1360 (daily Kijun-sen).

Daily techs are mixed and lacking momentum which may result in recovery stall on failure to clear $3.1053/$3.1174 (20SMA / Fibo 38.2%) pivots.

Initial support at $3.0795 (10SMA) holds today's action. Break here would soften near-term tone, while extension and close below 55SMA ($3.0659) would generate bearish signal and turn near-term focus lower.

Res: 3.1053; 3.1174; 3.1360; 3.1442
Sup: 3.0793; 3.0659; 3.0485; 3.0324

Author: Windsor Brokers LtdWebsite:
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
More from the author