COPPER extends steep descend below daily cloud
Copper hit one-week low on today’s extension of steep fall from $3.1750 peak which generated strong bearish signal on break below daily cloud base ($3.0663).
Bears are looking for full retracement of $3.0305/$3.1750 upleg, with growing risk of eventual break below key support at $3.0324 (Fibo 61.8% of larger $2.8930/$3.2580 ascend).
Sustained break here would be strong bearish signal for extension of bear-leg from $3.1750 towards psychological $3.00 support.
Broken daily cloud now acts as resistance and weighs on near-term action.
Stronger dollar on progress in US tax cut plan talks also pressures copper price.
Res: 3.0663; 3.0825; 3.1000; 3.1162
Sup: 3.0324; 3.0305; 3.0045; 3.0000