Copper bears take a breather around seven-week low, sidelined lately .
Clear break of $4.45 support convergence, bearish MACD favor sellers.
$4.30 can probe bears aiming for 100-day SMA, mid-March top.
Having dropped to the fresh low since April 23, copper prices remain subdued around $4.33, down 0.08% intraday, before Wednesday’s European session.
The red metal marked the heaviest slump since October 2020 the previous day after breaking the key $4.45 support convergence, now resistance, comprising 50-day SMA and an upward sloping line from February 02.
As MACD signals back the support break, copper becomes susceptible to extend the south-run towards the $4.20-18 area including 100-day SMA and March 15 top.
It’s worth noting that the $4.30 threshold and April 20 top near $4.29 may offer immediate support to the commodity.
On the contrary, corrective pullback must cross the $4.45 key hurdle, previous support, to recall the buyers.
Also acting because the upside barrier may be a downward sloping line from May 10, around $4.56.
Overall, copper bears keep the reins as bearish MACD signals back the key support break.