Copper rose on Monday on easing concerns about US/China trade war, but recovery was so far limited by strengthening US dollar. Fresh rally today pared losses of last Friday when copper dipped to $3.0545 and briefly probed below daily cloud base but shows signs of stall on approach to key barriers at $3.1000/33 (200SMA/daily cloud top/daily Kijun-sen). Break and close above these barriers would generate strong bullish signal and expose next key barriers at $3.1295/$3.1335 (14 May high/100SMA). While the price remains within daily cloud (currently spanned between $3.0605 and $3.1040 and narrowing later this week) extended consolidation could be expected before the price establishes in fresh direction. Mixed signals from daily studies (MA’s in bearish setup/14-d momentum rallies in positive territory) adds to unclear near-term direction. Cloud boundaries mark pivotal points.
Res: 3.0965, 3.1000, 3.1033, 3.1245
Sup: 3.0815, 3.0635, 3.0605, 3.0430
