Copper – limited recovery to precede fresh bears
Bears showed strong indecision above daily cloud which twisted on Thursday and is widening.
Double long-legged Dojis, lest last two days confirm near-term scenario, with fresh recovery attempts on Friday, being so far limited by 55SMA ($3.0673).
Technicals remain firmly bearish on daily chart and favor further downside, as persisting fears over reduced demand from China, keep the price under pressure.
Selling upticks is seen as preferred near-term scenario as reversal of slow stochastic from oversold territory supports the notion, with strong offers seen at $3.0800/40 zone (hourly cloud top / falling 10SMA.
Break above the latter would delay bears for extended correction towards descending 20SMA ($3.1144).
Res: 3.0673; 3.0775; 3.0838; 3.0962
Sup: 3.0475; 3.0324; 3.0110; 3.0000