Copper Price Today: Pulls back from $4.59 resistance confluence
- Copper sellers battle immediate support line following a pullback from 200-SMA, six-week-old triangle resistance.
- MACD teases bears but sellers need rejection of bullish chart pattern.
- Clear break of $4.59 will trigger run-up towards refreshing record top.
Copper consolidates recent gains around $4.52, down 0.45% intraday, amid early Monday. The red metal took a U-turn from the convergence of 200-SMA and the upper line of the short-term triangle the previous day.
While receding bullish bias of MACD backs Copper sellers, a two-day-old rising support line near $4.52 restricts the commodity’s immediate declines.
Other than the nearby trend line, the lower line of the stated descending triangle, around $4.43, also acts as the key support for the copper traders to watch during the quote’s further weakness.
On the contrary, a daily closing beyond $4.59 needs confirmation from the $4.60 round figure to challenge the monthly top close to $4.70.
In a case where the copper buyers keep reins past $4.70, the recently flashed record top near $4.88 and the $5.00 psychological magnet will be in the spotlight.
To sum up, copper prices are in consolidation mode and hence a pullback can’t be ruled out. However, the overall trend remains firm and a clear break of $4.59 will confirm the bullish chart pattern, adding strength to the upside momentum.
Price of copper: Daily chart
Trend: Pullback 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.
