Copper price eased on Friday after Chinese data showed a sharp decline of metal’s imports in December.
The price was down to the session low at $3.2215, on decline from Asian high at $3.2475.
Near-term price action is moving within narrowing range and holding between rising 20SMA and descending 10SMA on daily chart.
Mixed signals from daily techs (daily MA’s in overall positive setup; bullish signal from slow stochastic but weakening momentum) causes current directionless mode.
Close below 20SMA ($3.2230) will be bearish signal for extension of corrective leg from $3.3200 top towards next support at $3.1758 (Fibo 38.2% of $2.9425/$3.3200 upleg.
Conversely, sustained break above 10 SMA ($3.2450) would sideline downside threats and signal stronger recovery.
Res: 3.2450; 3.2730; 3.2766; 3.2970
Sup: 3.2230; 3.2065; 3.1758; 3.1551