Copper loses some of its momentum

Even though copper keeps its bearish trend as shown on the daily chart, once it got to the 206.00 level, the commodity loses some of its bearish momentum as indicated by the actual consolidation that it is forming and the fact that the bars on the MACD’s histogram are getting smaller. If the zone acts as a support and the price bounces to the upside, then the correction may take the price to the 215.00, which could act as resistance. But above the 215.00 level, we also have the 200 day EMA, which could also act as resistance. For now the price may go in any direction; therefore, if it breaks below the 206.00 level, then the drop may accelerate to the 200.00 level or the 195.00 level.