Copper: Mixed signals from daily techs keep the price directionless and in narrowing range
|COPPER
Copper price eased on Friday after Chinese data showed a sharp decline of metal's imports in December. The price was down to the session low at $3.2215, on decline from Asian high at $3.2475. Near-term price action is moving within narrowing range and holding between rising 20SMA and descending 10SMA on daily chart. Mixed signals from daily techs (daily MA's in overall positive setup; bullish signal from slow stochastic but weakening momentum) causes current directionless mode. Close below 20SMA ($3.2230) will be bearish signal for extension of corrective leg from $3.3200 top towards next support at $3.1758 (Fibo 38.2% of $2.9425/$3.3200 upleg. Conversely, sustained break above 10 SMA ($3.2450) would sideline downside threats and signal stronger recovery.
Res: 3.2450; 3.2730; 3.2766; 3.2970
Sup: 3.2230; 3.2065; 3.1758; 3.1551
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