Copper futures with delivery on May 2019 have been moving in a sideways channel over the last month with an upper boundary at 2.9720 resistance level and lower boundary at 2.8700 support. The price is currently easing below the 23.6% Fibonacci retracement level of the upleg from 2.6130 to 2.9720 and the short-term moving averages. The technical indicators in the 4-hour chart are still located in bearish area, with the MACD declining below its trigger line and the RSI is losing momentum below its 50 neutral level. In case the price extends the pullback, the next immediate support is expected to come from the lower boundary. [..]
7 Asset Classes - 16 Trading Platforms - Over 1000 Instruments.