Copper futures maintain a steady bullish bearing after a bounce on the 50-day simple moving average (SMA), which sent the commodity to a 25-Month peak of 3.040. The rising red Tenkan-sen line is promoting additional advances, while the bullish crossover of the 200-day SMA by the 100-day one may further boost the predominant positive picture.
The short-term oscillators also endorse an improving outcome. The MACD and the stochastic oscillator suggest positive momentum is increasing despite the pause displayed in the RSI.
To the upside, early limitations may develop from the 3.023 – 3.040 resistance zone before the 3.085 barrier. If buyers continue to control the market, the commodity could run up towards the 3.238 and 3.285 hurdles. Surpassing these, the 3.085 peak from June of 2018 could be challenged.
If selling interest intensifies, initial support may arise from the 2.920 low, coupled with the blue Kijun-sen line. Not far below, the uptrend line drawn from March 20 and the 50-day SMA of 2.864, at the cloud’s upper band, may prevent the price sinking towards the critical trough of 2.796. Should sharper declines unfold, the price may meet the 2.700 obstacle before challenging the 2.635 level, which happens to be the 38.2% Fibonacci retracement of the up leg from 1.968 to 3.040, fortified by the completed bullish crossover.
Summarizing, the short-to-medium picture remains positive above the uptrend line and the 2.796 trough.
