Copper: Thick daily cloud and bearish techs weigh, but firmer direction signals are needed
|COPPER
Copper holds in direction mode on Tuesday, with price action shaped in long-legged Doji and capped by thick daily cloud after Monday's fall broke and closed below cloud base. Daily cloud continues to weigh, along with negative daily studies which show MA's in bearish configuration and bearish momentum building. Repeated close below daily cloud is needed to confirm bearish stance and signal renewed attacks at $3.10/$3.0950 support zone which guards key support at $3.0540 (09 Mar low). Cloud base mark initial resistance at $3.1312, while sideways-moving 100SMA ($3.1509) marks next pivotal barrier. Metal price is looking for performance of the US dollar which would give fresh direction signals on release of US inflation data today.
Res: 3.1312; 3.1460; 3.1509; 3.1612
Sup: 3.1000; 3.0950; 3.0695; 3.0540
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.