The copper price bangs the downtrending daily SMA 200 for the 3rd time in a month
It’s pretty simple. The major daily trend marker (SMA 200) is sloping down and the first step for the copper price to break its downtrend would be to take it out (and keep it taken out). Then the work begins in order to change the trend.
Meanwhile, the copper price dwells below clear resistance at $4/lb. My guess? I guess that copper will take out the SMA 200 to the upside but then fail at 4 (+/-).
A longer-term chart shows the clear lateral resistance beginning at 4 and the support area from 2.85 to 3 that I expect to eventually be tested.
Meanwhile, copper touts may get a little excited in the short-term. It’s party season after all.
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