Possible support on copper

Copper had a good rally while the demand for the industrial metal rose in China, which is the major consumer of copper in the world. However, once the price reached the 317.77 level, the bullish trend lost its momentum and copper retraced to the downside. The bearish pullback may have been caused by profit taking due to the fact that the commodity was overbought. None the less, once the price of copper retraced to the 293.00 level, it stalled there and it may try to bounce to the upside, especially when around that zone we can find the 55 day EMA (purple line). Actually, that same 293.00 level acted as resistance in the past and it may act as support in this occasion. Therefore, the price of copper may bounce to the upside, but in order to keep its bullish trend, it must break above the 317.77 level. Below the 293.00 level, its next most important support may be the 275.00 level.