- Copper remains depressed inside two-week-old bearish chart pattern.
- Oversold RSI, channel’s support probe sellers, 200-SMA adds to the downside filters.
- Bulls look for fresh weekly high to take entries.
Copper prices follow the general trend of industrial commodities, down 0.84% around $4.5300 on COMEX, ahead of Friday’s European session.
Although sluggish markets weigh on the red metal, as portrayed by the downbeat oscillators, the support line of a short-term descending channel near $4.5100, restricts the quote’s further declines amid oversold RSI conditions.
Should copper sellers chose to follow bearish MACD signals and conquer the $4.5100 support, the $4.5000 round-figure can offer an intermediate halt before highlighting the 200-SMA level of $4.4138 as the key support.
Alternatively, corrective pullback needs to cross a one-week-long horizontal area surrounding $4.6100 to escalate recovery moves towards the stated channel’s resistance line, around $4.7400.
However, a clear upside past $4.7400 will enable copper bulls to aim for the all-time high of $4.8880.
Price of copper: Four-hour chart
Trend: Corrective pullback expected
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