Copper Price Today: Extends pullback from previous support below $4.50

• Copper takes a U-turn from seven-week-old support-turned-resistance line.
• Sustained trading below 200-SMA also backs the bearish bias amid sluggish MACD.

Copper prices remain pressured, down 0.75% intraday around $4.4960, during early Monday. The red metal holds lower ground near the day’s low around $4.4925 by the press time, following its U-turn from the previous support line from April 20.

The failures to cross the previous support line also join the commodity’s weakness below 200-SMA, as well as downbeat MACD signals, to keep sellers hopeful.

Hence, the last week’s swing low around $4.4300, also the lowest since April 28, gains copper sellers’ attention ahead of highlighting the late April lows near $4.4170.

It’s worth noting that a clear downside past $4.4170 will make the quote vulnerable to drop towards April 20 top near $4.2970.

Alternatively, an upside clearance of the immediate resistance line near $4.5400 will need a successful run-up beyond the 200-SMA level of $4.5620 to recall the buyers.

Following that, the $4.6000 threshold could act as an intermediate resistance before fueling the quote towards the monthly peak near $4.7070.

Price of copper: Four-hour chart

Trend: Further weakness expected