Copper – bears cracked key n/t support but without clear break for now
Copper managed to recover Wednesday’s losses when metal’s price spiked to new one-month low at $3.0650 on strong sell-off in Asia.
Near-term structure remains bearish after Tuesday’s break below triangle and today’s probe below key support at $3.0725 (27 Oct low).
Close below the latter is needed to generate bearish signal for extension of pullback from multi-year high at $3.2580 towards 3.0324 (Fibo 61.8% of $2.8930/$3.2580 ascend).
Broken triangle support line ($3.1225) is expected to cap corrective upticks.
Res: 3.1020; 3.1100; 3.1225; 3.1497
Sup: 3.0725; 3.0650; 3.0324; 3.0088