Copper stays consolidated around the 55 day EMA

Copper had a good bullish trend until the end of August, but at the beginning of September it started to retrace to the downside after reaching a high around the 317.77 level. The bearish pullback on copper takes it to the 55 day EMA around the 293.00 level. The price action on the commodity has actually stalled at the 293.00 level without taking a clear direction. From this point on, copper could take off in any direction, therefore it is better to wait for a clear trend before making any decision. If it bounces to the upside, then copper would be going back to its bullish trend and the next resistance to break would be the peak at the 317.77 level. To the downside, in case of a bearish breakdown, the price would have the road clear all the way to the 275.00 level or the 200 day EMA (blue line).