Copper trades in a sideways range

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


Since declining sharply in late October, the price for copper has consolidated by trading sideways. Namely, the commodity price has been trading in a wide range between the support of the 4.2810/4.2915 and the resistance of 4.4350/4.4650. In the meantime, note that the four hour simple moving averages located in the trading range have been mostly ignored.

If the price passes above the resistance zone of 4.4350/4.4650, the 4.5500 and 4.6000 levels could provide resistance. The 4.5500 and 4.6000 levels provided both support and resistance in late October.

On the other hand, a decline below 4.2810/4.2915 might result in the pair reaching the lower trend line of the channel up pattern, which captures the rates large scale surge. Namely, since June, the price for copper has been trading in a large scale ascending pattern.
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