- Copper takes a U-turn from seven-week-old support-turned-resistance line.
- Sustained trading below 200-SMA also backs the bearish bias amid sluggish MACD.
Copper prices remain pressured, down 0.75% intraday around $4.4960, during early Monday. The red metal holds lower ground near the day’s low around $4.4925 by the press time, following its U-turn from the previous support line from April 20.
The failures to cross the previous support line also join the commodity’s weakness below 200-SMA, as well as downbeat MACD signals, to keep sellers hopeful.
Hence, the last week’s swing low around $4.4300, also the lowest since April 28, gains copper sellers’ attention ahead of highlighting the late April lows near $4.4170.
It’s worth noting that a clear downside past $4.4170 will make the quote vulnerable to drop towards April 20 top near $4.2970.
Alternatively, an upside clearance of the immediate resistance line near $4.5400 will need a successful run-up beyond the 200-SMA level of $4.5620 to recall the buyers.
Following that, the $4.6000 threshold could act as an intermediate resistance before fueling the quote towards the monthly peak near $4.7070.
Price of copper: Four-hour chart
Trend: Further weakness expected
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