Copper‘s price dips to $3.92, a decrease of 0.28%, reflecting cautious market sentiment. The technical analysis on a four-hour timeframe identifies $3.94 as the pivot point, a crucial level determining the metal’s short-term direction.
Resistance levels are pegged at $3.96, $3.97, and $3.99, which could limit upward movement. Support is found at $3.91, $3.88, and $3.86, crucial for preventing further declines.
The 50-day and 200-day Exponential Moving Averages, at $3.89 and $3.85 respectively, underline a potential for bullish momentum should prices eclipse the pivot point. Conversely, remaining below $3.94 signals a bearish outlook, emphasizing the metal’s current indecision.
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