Bearish RSI divergence on copper, good to go short on rallies
Copper is extending downside from 6-month highs of 0.752 hit on Nov 27.
We have noticed a bearish RSI divergence on daily charts.
MACD line has also shown a bearish crossover on signal line.
Support levels - 2.636 (1H 20-SMA), 2.595 (20-DMA), 2.550 (Nov 30 low)
Resistance levels - 2.655 (5-DMA), 2.670 (Dec 8 high), 2.706 (Dec 7 high)
Recommendation: Good to sell rallies around 2.650, SL: 2.70, TP: 2.620/ 2.595/ 2.550
We have noticed a bearish RSI divergence on daily charts.
MACD line has also shown a bearish crossover on signal line.
Support levels - 2.636 (1H 20-SMA), 2.595 (20-DMA), 2.550 (Nov 30 low)
Resistance levels - 2.655 (5-DMA), 2.670 (Dec 8 high), 2.706 (Dec 7 high)
Recommendation: Good to sell rallies around 2.650, SL: 2.70, TP: 2.620/ 2.595/ 2.550
Commentaire:
All targets hit
Copper hovering around 20-DMA. Close below will see further drag.
Book partial profits, recommend staying short.