Copper Price Today: Justifies Monday’s bullish hammer to target $4.60

Copper extends recovery from monthly low, on the bids recently.
Bullish candlestick directs the run-up towards short-term SMA hudle.
Ascending trend line from early February offers strong support.

Anil Panchal FXStreet

Copper stays well bid for the second consecutive day, up 1.03% near $4.5780 during early Tuesday.

The red metal’s U-turn from May 03 low portrays a bullish hammer the previous day. The same joins a receding bearish bias of the MACD to direct the commodity buyers towards 21-day SMA near $4.6000.

It should, however, be noted that any further upside past $4.6000 will have to cross May 14 low near $4.6090, also rise past $4.6100 round figure, to attack the two-week-old resistance line near $4.7000.

Meanwhile, pullback moves can target the monthly low near $4.4370 before highlighting a multi-day-old support line near $4.3100.

Though, a daily close below $4.3100 will make the quote vulnerable to retest the mid-March tops surrounding $4.1900.

Overall, copper remains on the front foot but short-term hurdles could test the buyers.

Price of Copper: Daily chart

Trend: Further upside 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.

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