- Copper stands on slippery ground, drops the most since June 17.
- Downbeat MACD, DMA break favor sellers, 61.8% Fibonacci retracement test immediate downside.
Copper remains on the back foot for the fourth consecutive day, down 1.02% intraday around $4.2350, amid early Tuesday. In doing so, the red metal again breaks the 100-day SMA (DMA), reversing the previous week’s breakout.
Given the downbeat MACD conditions backing the commodity sellers, copper’s decline to the month low near $4.0880 can’t be ruled out. However, a daily closing below 61.8% Fibonacci retracement of the March-May upside, surrounding $4.2400, becomes necessary.
Also acting as the downside filter is the 78.6% Fibonacci retracement level of $4.0640 and the $4.0000 threshold, not to forget March’s low of $3.9420.
Meanwhile, recovery moves not only need a daily closing beyond the 100-SMA level of $4.2625 but also require a sustained run-up beyond the latest swing high of $4.3425 to keep recall the bulls.
Following that, a 50% Fibonacci retracement level of $4.3650 and multiple lows marked since late April around $4.4300 could entertain copper bulls.
Price of copper: Daily chart
Trend: Bearish
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