Copper breaks strong resistance at 3.235, stay long
Copper has shown a decisive break above strong trendline resistance at 3.235.
Technical studies are bullish, we see scope for further upside.
RSI and Stochs are biased higher and MACD has shown a bullish crossover on signal line.
We see +ve DMI dominance and ADX is also rising which supports trend higher.
Next immediate resistance lies at 3.289 (Jan 15 high) ahead of 3.320 (Dec 28 high) and then 3.430 (113% Fib extension of 2.472 to 3.320 rally).
On the flipside, strong support seen at 20-DMA at 3.176, breach there could see bullish invalidation.
Support levels - 3.197 (5-DMA), 3.176 (20-DMA), 3.024 (Feb 9 low)
Resistance levels - 3.289 (Jan 15 high), 3.320 (Dec 28 high), 3.430 (113% Fib extension of 2.472 to 3.320 rally)
Good to go long on dips SL: 3.175, TP: 3.290/ 3.320/ 3.40/ 3.430
Technical studies are bullish, we see scope for further upside.
RSI and Stochs are biased higher and MACD has shown a bullish crossover on signal line.
We see +ve DMI dominance and ADX is also rising which supports trend higher.
Next immediate resistance lies at 3.289 (Jan 15 high) ahead of 3.320 (Dec 28 high) and then 3.430 (113% Fib extension of 2.472 to 3.320 rally).
On the flipside, strong support seen at 20-DMA at 3.176, breach there could see bullish invalidation.
Support levels - 3.197 (5-DMA), 3.176 (20-DMA), 3.024 (Feb 9 low)
Resistance levels - 3.289 (Jan 15 high), 3.320 (Dec 28 high), 3.430 (113% Fib extension of 2.472 to 3.320 rally)
Good to go long on dips SL: 3.175, TP: 3.290/ 3.320/ 3.40/ 3.430