Copper retraces to the downside during today’s session

Copper has had a good uptrend for the last few weeks as we can see on the daily chart of the December contract. During the last few days it has stay consolidated just above the 55 day exponential moving average (purple line), which has acted as a good support. Today we see that the price has retraced to that moving average, but it could continue rallying. If the price continues rallying then its next resistance could be the 249.31 level. Above the 249.31 level, its next resistance could be the 200 day exponential moving average (blue line) at the 257.56. If it breaks below the bullish trendline, then its next support could be the low at the 222.66 level.