Important support on copper

The price of copper has been very volatile lately and disorderly as shown on the daily chart of the commodity. Even though there is no clear trend on copper in the midterm, we can see that the price has fallen back to the 302.58 level where we can find the 200 day EMA (blue line). The 302.58 level has already acted as a support in the past and it is possible to see another bullish bounce from that zone. To the upside, the 55 day EMA (purple line) at the 314.90 level could act as resistance, but above that level the next resistances could be the 325.00 level followed by the high at the 330.66 where we can find the 200 month EMA. On the other hand, the highs of the daily candles are being lower than the previous ones, indicating that the bearish pressure is accumulating at the 302.58 level, therefore we could see a breakdown of that level and the price of copper could fall to the low at the 294.25 level.