Copper was sharply lower on Thursday, extending pullback Wednesday’s one-month high at $3.1460, being down nearly 2% for the day so far.
Investors fear from situation in Syria which could escalate and took profit from 2 ½ week rally from $2.9370 which stalled at strong barrier at $3.1434 (Fibo 61.8% of $3.2710/$2.9370 descend), also failing to clearly break above 100SMA ($3.1392).
Fresh bearish acceleration turned near-term studies into bearish mode, while daily picture also weakened as MA’s are back to negative setup and slow stochastic is heading south after reversal from overbought zone and showing a plenty of room at the downside.
Fresh weakness so far retraced 50% of $2.9370/$3.1460 rally, where temporary footstep was found, but could extend further to test $3.0168 (Fibo 61.8%) and psychological $3.00 support.
Close below cracked 200SMA ($3.0578) is needed to confirm scenario, while upticks should be capped by falling 30SMA ($3.0768) to keep fresh bears intact.
Res: 3.0578, 3.0768, 3.0817, 3.0940
Sup: 3.0420, 3.0345, 3.0168, 3.0000
