Since the beginning of the year, the commodity lost over 5.5% but last week alone fell over 1.0% and is in a warning phase since late February. Last week, copper tried to rally but found enough resistance near the 10-week moving average to reverse and closed near the low of the week, however the commodity managed to close within the previous week range, which suggests being slightly on the bearish side of neutral. Stochastic is showing a strong bearish momentum and crossed below the 50 mid line. The commodity continues to trade in a tight consolidation that ranges from 327.15 and to a weekly support at 303.90 and is trading below the 10-week moving average that now should provide a good dynamic resistance. Expecting an upward move to a Fibonacci retracement at 312.06 on a bounce from other Fibonacci retracement at 299.67 (scenario 1) however a bounce from a Fibonacci retracement at 312.06 may trigger another profit taking down to a weekly support at 287.60 (scenario 2). Advertisements