Copper stays at support

Copper has found a good support zone at the 307.00 level where we can find the 55 day EMA as shown on the daily chart. Copper has already bounced from the 55 day EMA to the upside and even though it has been retracing to the downside during the last few weeks, the bullish trend is still in place in the midterm. Therefore, it is possible for the commodity to bounce to the upside from the 307.00 level. In case of a bullish bounce, its closest resistance is at the 318.38 level, followed by the peak that it made at the 325.86 level. In order for copper to go back to its bullish trend, it should break above the 325.86 level. In case of a bearish breakdown below the 55 day EMA, copper would practically have the road clear to fall to the low that it made at the 289.31 level.