Copper fell sharply on Tuesday, falling nearly 3% for the session, pressured by fresh strength of the dollar which bounced from new three-year low.
Monday’s recovery action stall and today’s fall generated bearish signal, as fresh weakness completed failure swing pattern on daily chart, on break below previous correction low at $3.2065.
Bears are pressuring next pivotal support at $3.1758 (Fibo 38.2% of $2.9425/$3.3200 rally, with sustained break here to generate fresh bearish signal for extension towards 55SMA ($3.1360) and possible stretch towards 100SMA ($3.1019).
Bear-cross of 10/20SMA is forming at $3.2325 and additionally pressuring near-term price action.
Res: 3.2065; 3.2205; 3.2325; 3.2444
Sup: 3.1758; 3.1646; 3.1360; 3.1019
