Copper breaks large scale pattern

Source: Dukascopy Bank SA


Since the middle of 2021, the price for copper was surging in a wide channel up pattern. On April 24, the pattern was broken to the downside. On April 29, the price appeared to be consolidating in the 4.4000/4.5000 range.

A potential decline of the metal's price might look for support in the late January low level at 4.3000 and the 4.2000 mark, before approaching the low level zone at 3.9420/4.0300.

However, a recovery of the commodity price would have to pass the 4.5000 mark, prior to testing the 4.7000 mark and the 50-day simple moving average. Higher above, note the 4.8150/4.8690 high level zone.
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