Pullback on copper could have been over

The price action on copper has been caused by the economic indicators in China. The rally that the commodity had to the 317.84 level, the pullback to the 55 day EMA, and the following rise to the 325.86 level have been the result of a variety of fundamental data out of the Asian Giant. Whatever happens in China directly affects the price of copper due to the fact that China is the main consumer of commodities and the industrial metal. From the last peak that copper reached at the 325.86 level, there was a bearish pullback that took it to the 317.84 zone, which acted as a support and that it was resistance in the past. Apparently, the bearish pullback that copper had to the 317.84 zone is over and the price may try to bounce back up, but in order to keep its bullish trend, it must break above the 325.86 level. The angle of inclination of the 55 day EMA (purple line) is telling us that the bullish trend is still in place, but if the copper keeps falling, that same moving average may act as support. The 200 day EMA may also act as support, but at the moment is too far away.