Slobodan Drvenica
Windsor Brokers
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
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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