Copper ends sideways trading

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


Despite piercing the support of the lower trend line of the channel up pattern and the November and December low levels, the price for copper recovered during the same session on December 15. Afterwards, the price started to find support in the channel pattern, before starting a surge. The following surge tested the November high zone for half-a-month. On January 12, the high level zone was passed. On January 15, the previous resistance was providing support.

In theory, the price should surge. A potential surge of the commodity would face resistance in round price levels as the 4.6000 and 4.7000, before the price reaches the October high levels above the 4.8000 mark. Above these levels, note the 2021 high level at 4.8900.

On the other hand, a decline would have to pass the November high level zone at 4.4913/4.5140. Below the zone, the price could find support in the combination of the 50 and 200-day simple moving averages near 4.3700. Further below, the lower trend line of the channel up pattern, which has guided the rate since June.
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