Copper Price Today: 200-EMA defends bulls around $4.50

• Copper holds onto early week’s bounce off 200-EMA.
• Weekly resistance line, mid-month low guard immediate upside.
• Bullish MACD favors buyers, February top adds to the downside filters.

Copper wobbles above the key EMA support while taking rounds to $4.50 during early Friday. The red metal drops 0.12% intraday but bullish MACD and multiple bounces off 200-EMA keep buyers hopeful.

Even so, a one-week-old falling trend line, around $4.55, precedes the May 14 low of $4.60 to test the short-term buyers.

Acting as the key upside barrier is a downward sloping trend line from May 10, near $4.66, a break of which will aim for $4.78 before heading towards the monthly peak of $4.88.

Meanwhile, any pullback needs to break the stated EMA support of $4.47. Even then the sellers won’t have a free pass as February’s top near $4.37 will challenge the further weakness.

Overall, China’s latest commodity crackdown seems to restrict copper moves even as economic recovery hopes favor the bulls.

Price of copper: Four-hour chart

Trend: Bullish