Copper is consolidating after steep ascend; dips remain shallow for now

COPPER

Copper contract for July delivery regained traction on Friday after the dollar fell on US data and bounced from daily low at 2.8405.
This sidelined immediate downside risk on negative signals, generated after double upside rejections on Thu/Wed, where steep bullish acceleration in past few days showed signs of fatigue.
Copper is holding firm tone on weaker dollar, strong demand from China and tight supply that may further ignore strongly overbought studies which suggest correction. Bullish close today would signal that metal price would stay in extended consolidation, before establishing in fresh direction.
With hourly studies regaining traction after pullback and 4-hr tech remaining in bullish setup, near-term outlook remains biased higher.
Regain of 2.9000 handle is needed to confirm strong bullish stance and fresh attempts above fresh two-year high at 2.9040.
On the other side, today’s low at 2.8405 marks first pivot, break of which would generate initial reversal signal and expose support at 2.8251 (Fibo 38.2% of 2.6975/2.9040 upleg) and risk extension towards 2.8000 (daily Tenkan-sen) on break lower.

Res: 2.8960; 2.9040; 2.9310; 2.9434
Sup: 2.8553; 2.8405; 2.8251; 2.8000