Copper extends weakness; pressures strong Fibo support at $3.1758
|COPPER
Copper remains in red for the second day and extends weakness, as the greenback regains traction. Tuesday's bearish outside day was negative signal which resulted in fresh easing today. Brief recovery attempts in early European trading were short-lived, signaling increased risk for further extension of bear-leg from $3.3200 peak on sustained break through $3.1758 pivot. Extended bears could travel to $3.1412 (daily Kijun-sen) and $3.1312 (50% retracement of $2.9425/$3.3200 rally). South-heading broken 10SMA marks initial resistance at $3.2282, which should keep the upside protected.
Res: 3.2195; 3.2281; 3.2382; 3.2750
Sup: 3.1758; 3.1687; 3.1379; 3.1312
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