Copper Price Analysis: Remains pressured towards 200-day EMA re-test
|- Comex Copper prints three-day downtrend, edging lower of late.
- Bearish MACD, failures to cross 50-day EMA and 4.5-month-old resistance line favor sellers.
- June’s low adds strength to the key EMA support.
Copper futures on Comex stay pressured around $4.2350 level during early Wednesday, extending the week-start pullback from 50-day EMA.
Given the bearish MACD signals joining the red metal’s failures to cross the immediate EMA hurdle near $4.2950, the quote is likely to remain bearish for a while.
Hence, July’s low near $4.1665 may offer an intermediate halt during the fall towards the 200-day EMA, around $4.0800. Also challenging the bears around $4.0800 is June’s monthly low.
Meanwhile, an upside clearance of a 50-day EMA level near $4.2950 will propel the quote towards a downward sloping trend line from early May, near $4.4055.
Should the copper prices rally beyond $4.4055, July’s top of $4.6275 will be in focus.
Overall, the commodity stays depressed amid failures to cross short-term EMA and a multi-day-old resistance line. However, 200-day EMA will be a tough nut to crack for the bears.
Price of copper: Daily chart
Trend: Further weakness expected
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