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.
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.
