Copper extends steep recovery into third day and tests barrier at $3.1053 (falling 20SMA).
Higher base is forming at $3.0324 with recovery being tracked by rising daily cloud and metal’s price supported by firmer China’s housing sector numbers.
Recovery eyes pivotal barrier at $3.1174 (Fibo 38.2% of $3.2580/$3.0305 downleg), close above which would signal further correction and expose barrier at 3.1360 (daily Kijun-sen).
Daily techs are mixed and lacking momentum which may result in recovery stall on failure to clear $3.1053/$3.1174 (20SMA / Fibo 38.2%) pivots.
Initial support at $3.0795 (10SMA) holds today’s action. Break here would soften near-term tone, while extension and close below 55SMA ($3.0659) would generate bearish signal and turn near-term focus lower.
Res: 3.1053; 3.1174; 3.1360; 3.1442
Sup: 3.0793; 3.0659; 3.0485; 3.0324
