• FxWirePro: Copper hits new 5-week highs at 3.137, bias higher, stay long

    Source: FxWireTechnicals / 13 Oct 2017 05:40:00   Eastern Standard Time

    • Copper hits new 5-week highs at 3.137 before paring some gains to currently trade at 3.131 levels.
    • Price is extending upside for 5th successive session, bias higher as long as price action holds above 5-DMA at 3.0842.
    • Daily cloud offers strong support at 3.061, we see weakness only on break below.
    • Technical studies are biased higher, RSI is strong above 50 and biased north, and we see a bullish MACD line crossover on signal line.
    • We see +ve DMI dominance and ADX is above 25 and rising which supports upside.
    • Next bull target lies at 3.176 (Sept 5th high), while 5-DMA at 3.084 is immediate support.
    • Bullish invalidation seen only on break below daily cloud, scope then for test of 20-DMA at 2.991.

    Support levels - 3.10, 3.084 (5-DMA), 3.061 (cloud top), 2.991 (20-DMA)

    Resistance levels - 3.176 (Sept 5 high), 3.20, 3.235 (channel top)

    Call update: Our previous call (https://www.econotimes.com/FxWirePro-Copper-finds-strong-support-at-daily-cloud-bias-higher-good-to-go-long-on-dips-944997) has hit TP1/2.

    Recommendation: Bias higher, hold for further upside.

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