Indecision and volatility on copper

On the daily chart of copper we can see that the price has been oscillating around its 200 day EMA (blue line), without taking a clear direction, but very volatile at times. This Wednesday’s daily candle has a long lower shadow, which is an indication that the buyers came into the market towards the end of the session. Therefore, during this Thursday’s session the price of the metal may go back up, but the 55 day EMA (purple line) at the 310.99 level may act as resistance. In order for the copper to go back to its bullish trend, the price must break above the 310.99 level and even above the 325.00 level. At the 330.66 level we can find the 200 month EMA, making that zone the most relevant resistance for copper. To the downside, the 55 week EMA at the 294.25 level is its closest support level and below that moving average, the 200 week EMA at the 279.77 level may also act as support.