Copper – ChartCopper’s
technical posture on November 7th leans bearish, with the commodity trading at $3.69, marking a 1.37% drop within a 4-hour timespan. It currently pivots at the same price, with a layered resistance structure at $3.74, $3.78, and $3.82, and support steps at $3.66, $3.63, and $3.61.
The Relative Strength Index (RSI) hovers at 45, suggesting a neutral to bearish sentiment, without extreme conditions. The MACD indicator is just below the signal line, hinting at a possible bearish trend ahead.
Price stability at the 50 EMA, which coincides with the current price, indicates a potential shift in momentum if breached. Notably, an upward channel breakout above $3.70 signals selling pressure.
The bearish stance is reinforced below the $3.70 threshold, with an anticipation of a downward push to test subsequent support levels in the short term.
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