Copper – break above Kijun-sen to signal further upside
|COPPER
May Copper is probing again above Fibo 61.8% of 2.7675/2.5580/daily Kijun-sen barriers at 2.6875/98, in extension of recovery leg from 2.5580 (09 Mar low).
Downside rejection below daily cloud that formed bear trap reversal pattern generated strong bullish signal that was re-confirmed on subsequent bullish acceleration above daily cloud.
Close above Kijun-sen/Fibo barrier is needed for another bullish signal for further extension of bull-leg from 2.5580 trough.
However, bulls may pause here on strongly overbought slow stochastic, with consolidation expected to ideally hold above rising daily cloud that underpins the action in past three days and keep near-term bullish structure intact.
Res: 2.6898; 2.7000; 2.7181; 2.7440
Sup: 2.6697; 2.6570; 2.6492; 2.6273
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