Copper Price Today: Extends bounce off weekly support line to regain $4.50
- Copper picks up bids to snap two-day downtrend.
- Bearish MACD, nearby resistance line challenge bulls below weekly top.
- 200-SMA offers strong downside support, June 11 high adds to the upside filters.
Copper prices advance to $4.5040, up 0.50% on a day, as European traders await the bell to begin Thursday’s work.
The red metal bounced off an ascending trend line from July 19 the previous day even as bearish MACD and a two-day-old resistance line, around $4.5530, test intraday buyers.
Also acting as the upside barriers are highs marked during June 11 and July 27, respectively around $4.5950 and $4.6275.
In a case where the commodity bulls cross the $4,6275 hurdle, June’s top surrounding $4,7070 will be in focus.
Alternatively, a downside break of the immediate support line near $4.4400 should confirm a short-term south-run targeting 200-SMA level near $4.3180.
Though, any further weakness past $4.3180 can renew the monthly low, currently around $4.1665.
Price of Copper: Four-hour chart
Trend: Further recovery expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
