Copper approaches support line

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Source: Dukascopy Bank SA


At the start of December, the price for copper bounced off the support of the November low level and reached the resistance of the 50-day simple moving average. The SMA managed to force the pair into a decline, which in the near term future might reach the lower trend line of a large scale channel up pattern.

If the lower trend line of the channel up pattern provides enough support for a recovery, the price might find resistance in the 200-day simple moving average at 4.3420 and the 50-day simple moving average at 4.3990. Above the SMAs, the November and December high zone might stop a surge at 4.4913/4.5144.

On the other hand, a move below the trend line could find support in the November and December low level zone at 4.1937/4.2100. Further below, round price levels like the 4.1500, 4.1000 and 4.0500 might act as support levels.
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