Copper Price Today: Off 100-DMA but bears stay hopeful
|- Copper bears take a breather after three-day downtrend to weekly low.
- Downbeat MACD, sustained trading below three-month-old horizontal resistance favor sellers.
- Ascending trend line from January adds to the downside filters.
Copper futures on Comex print mild losses around $4.3790 as European traders await Wednesday’s bell.
The red metal bounced off 100-DMA the previous day but failed to keep the rebound amid downbeat MACD conditions.
The bearish impulse also takes clues from the commodity’s late July U-turn from a three-month-old horizontal resistance.
However, an upward sloping support line from January 28, near $4.2700, becomes a tough nut to crack for the bears.
Hence, copper sellers attack 100-DMA level of $4.3520 on their way down to the stated trend line support. In doing so, the $4.3000 threshold may offer an intermediate halt.
Should the quote successfully breaks the $4.2700 support line, lows marked during July and June, respectively around $4.1660 and $4.0880, will be in focus.
On the contrary, the corrective pullback will be considered less important until staying below the $4.4420 level, comprising the upper end of the horizontal area including multiple stops from late April.
Even if the copper prices rally beyond $4.4420, the previously mentioned resistance line around $4.6050 will be the key.
Price of Copper: Four-hour chart
Trend: Further recovery expected
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