Copper descends in channel

Source: Dukascopy Bank SA


The previous review of the price for copper was done on April 29. At the time, the top piece of information was the breaking of the large scale channel up pattern, which had guided the rate up since mid-2021.

Since the event, in May, the price dipped and found support in the 4.00 mark, retraced to the lower trend line of the channel and confirmed it as resistance. Afterwards, a sharp decline occurred until mid-July, when the commodity found support in the 3.00/3.15 range. By bouncing off the support zone, the price revealed that it has been declining in a channel pattern since April. Since the finding of support, copper has been recovering in the borders of the channel and could soon reach the resistance of the pattern and the 50-day simple moving average near 3.65.

If the combination of the 50-day SMA and the upper trend line of the channel act as resistance, the price would most likely once again look for support in the 3.00/3.15 zone. Further below, note the lower trend of the pattern, which is crossing the 2.50/3.00 range.

On the other hand, a move above the SMA and the trend line could encounter resistance in the 3.94/4.00 zone, which had been acting as support since March 2021 up to mid-June of 2022.
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