- Copper remains on the back-foot near short-term key support confluence.
- Downbeat MACD, failures to cross $4.7000 favor sellers.
- 200-SMA, six-week-old support line adds to the downside filters.
Copper extends the weekly losses as sellers attack $4.5850 level, down 0.50% intraday, heading into Thursday’s European session.
Although bearish MACD and failures to stay beyond $4.7000 keep copper sellers hopeful, a confluence of 50-SMA and weekly support line tests the short-term bears around $4.5900.
Even if the metal manages to conquer the stated support confluence, 200-SMA and an upward sloping support line from April 20, respectively around $4.5460 and $4.5270, will be crucial levels to watch afterward.
On the contrary, $4.6000 and $4.6540-50 should be considered the near-term key resistances to watch during the commodity’s rebound.
However, copper bulls are less likely to be convinced until the prices stay below $4.7000 on a daily closing basis.
Price of copper: Four-hour chart
Trend: Further weakness expected
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