Copper bounced from $2.7235 low posted after strong two-day losses, when metal price fell over 3%.
Results of US midterm elections sent dollar lower across the board and boosted the metal price
Fresh recovery emerged above daily cloud (cloud top lays at $2.7557), retracing nearly 50% of $2.8215/$2.7235 bear-leg and improving technical outlook as the price moved above a cluster of daily MA’s and fresh bullish momentum is building.
Bulls look for renewed attack at bear-channel resistance line ($2.7734) which capped the action on Tuesday and was breached on Fri/Mon upticks to $2.8185/$2.8215 peaks.
Close above the bear-channel upper boundary would generate fresh bullish signal and add to growing positive outlook on today’s rally.
Failure to clear the bear-trendline would keep the price action within bear-channel and keep in play risk of fresh weakness.
Res: 2.7734, 2.7841, 2.8025, 2.8215
Sup: 2.7512, 2.7312, 2.7235, 2.7010
