Copper respects pattern's support

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since the last review done on January 14, the price for copper has continued to trade in the ascending channel pattern. Since then there are a few notable points to note.

First of all, the 4.6000 mark is acting as resistance. It even forced the commodity into a re-test of the support of the ascending pattern and the 4.3000 mark at the end of January. However, the 4.6000 level did not manage to hold on February 9 and was passed. Moreover, the round price level shortly acted as support. Secondly, the 50-day simple moving average has been providing support since February 7. The SMA could continue to push the price up.

If the commodity price continues to surge, the 4.6000 and 4.7000 levels could act as resistance, before the high level at 4.8000 is reached. Namely, round price levels are bound to impact the rate. Above the 4.8000 level, the 2021 high level is located at 4.8900.
,br> On the other hand, a decline of copper might find support in the 4.5000 mark, the 50 and 200-day simple moving averages near 4.4500 and 4.3700, before approaching the lower trend line of the post 2021 June channel up pattern.
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