Copper books new high level

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


As the world set up sanctions on Russia for invading Ukraine, the price for copper started a surge on February 27. The sharp surge pierced the 2021 high levels and the absolute high level of the year at 4.8900. The surge ended at the 5.0450 mark, as the commodity booked a new 2022 high.

Afterwards, the price declined back to previous levels. Eventually, on March 13, the price found support at the 4.5000 mark. On March 15, the rate started a recovery.

If the price continues to recover, it would face resistance first in the October high level zone at 4.8080/4.8250, the 2021 high level at 4.8900 and the recent 2022 high level at 5.0450.

However, a potential decline of the metal's price would look for support int he 50-day simple moving average near 4.5600, before once again approaching the 4.5000 mark. Note that the round price is being approached by the 200-day SMA and the lower trend line of a large scale channel up pattern.
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