Resistance on copper?

As the Dollar retraces to the downside and the optimism rises on the global economic growth, the prices of copper come back to the upside as shown on the daily chart. However, during today’s session copper reached its 55 day EMA (purple line) at the 315.63 level where it stalls its rally. The 55 day EMA may possibly act as a resistance on copper, but the stochastics indicator is trying to come out of the oversold area above the 20% and that is an indication that the price may continue higher. In case copper breaks above the 55 day EMA, it may try to reach the 330.66 level where the 200 month EMA is sitting. On the other hand, if we do see a bounce to the downside from the 55 day EMA, the price of copper may drop to the 200 day EMA (blue line) around the 298.32 level. Another possible scenario is that copper may stay consolidated between the 55 day EMA and the 200 day EMA without taking a clear direction.