Copper may have found some support

Copper was rallying on the back of great fundamentals out of China, which is one of the biggest consumer of the industrial metal. The bearish pullback on copper around the middle of September was stalled by the 55 day EMA from where the price of copper bounces to the upside. The commodity rallies to the 325.86 level from where it bounces to the downside. The most recent pullback on copper has taken the price to the 307.00 level, which is trying to act as a support. The 317.84 has acted again as a resistance, but copper falls back to the 307.00 level and the 55 day EMA. The price of copper may have found a support at the 55 day EMA as it did in September and it could bounce back to the upside. In case of a bullish bounce, the 317.84 level could act as a resistance, and in order to keep its bullish trend it must break above the 325.86 level.