COPPER is consolidating above new one-year low before bears resume

Copper hit new one-year low at $2.7150 on Wednesday and generated bearish signal on completion of near-term correction from $2.7160 (11 July former low) which stalled at $2.7980, capped by falling 10SMA.
The metal price accelerated lower after hawkish tone from Fed boosted dollar, but needs close below $2.7150 low to confirm bearish continuation.
Such scenario would open way towards psychological $2.70 support and 20 July 2017 low at $2.6975, with stronger acceleration capable of travelling to $2.63 (10July 2017 trough / near 50% retracement of larger $1.9360/$3.32 uptrend).
However, bears may take a breather and hold in extended consolidation before resuming, as momentum is flat.
Falling 10SMA (currently at $2.7885) is expected to cap extended upticks and maintain firm bearish tone.

Res: 2.7585; 2.7980; 2.8290; 2.8777
Sup: 2.7150; 2.7000; 2.6975; 2.6585