Copper extends weakness; pressures strong Fibo support at $3.1758

Slobodan Drvenica Windsor Brokers

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

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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