Indecision on copper

Copper has been in a very good uptrend with some pullbacks on the way up until it reached the 200 month exponential moving average, around the 330.66 level. On the daily chart we can see that the price has consolidated since it reached that moving average. The bullish momentum could have dried out, but the bullish trend in the midterm is still in place. Yesterday’s session was bullish for copper, but today most of the industrial and precious metals have pulled back. The stochastics indicator has come out of the oversold area and that could be an indication that the price may continue higher. The most important support is the 55 day EMA at the 315.40 level and its most relevant resistance above the 200 month EMA is the 340.00 level.