COPPER

By Mariya Markova

LME Copper

, 4 hours

long

#Technical

#Reversal

Range

Resistance 1 4.35664
Quote Price 4.31772
Support 1 4.18561
Support 2 3.97779

On the 4 hour chart, we can see that the recent rally diverged with the MACD, which is generally a sign of weakening momentum often followed by pullbacks or reversals. In this case, the target for the pullback should stand right around the 4.18 support, although the price will need first to break below the black minor trendline to confirm it. The buyers will likely lean on the minor trendline and the red 21 moving average to position for a break above the 4.35 resistance. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into new lows.