27 Jul 2021 ● 03:02 AM
Copper has closed at a 61.8% retracement level in yesterday's sessions. However, looking at the pace of the advance, it appears that the next leg of up move has started and this should eventually push copper back to the high of $4.89 which was registered in May 2021. The daily momentum indicator is also in bullish mode. On the way down, the 20DMA and the 40DEMA, which are currently pegged at $4.31 and $4.35 respectively shall provide support in case of any pullback.