Teases adjacent declining channel support around $ 4.5300
- Copper remains depressed inside the two week old bearish chart pattern.
- Oversold RSI, sellers of channel support probes, 200-SMA add to filters on the downside.
- Bulls are looking for a new weekly high to take entries.
Copper prices follow the general trend for industrial commodities, down 0.84% to around $ 4.5300 on COMEX, ahead of Friday’s European session.
Although sluggish markets weigh on the red metal as shown by downbeat oscillators, the support line of a near-term descending channel near $ 4.5100 limits further downside in RSI conditions oversold.
Should copper sellers choose to follow bearish MACD signals and conquer the support of $ 4.5100, the round figure of $ 4.5000 may offer an intermediate stop before highlighting the 200-SMA level of 4.4138 $ as key support.
Alternatively, the corrective pullback should cross a one-week horizontal zone around $ 4.6100 to intensify the rallying moves towards the resistance line of the indicated channel, around $ 4.7400.
However, a sharp rise beyond $ 4.7400 will allow copper bulls to aim for the all-time high of $ 4.8880.
Copper Price: Four Hour Chart
Trend: corrective decline expected