Copper Price Today: Drops towards monthly support line above $4.00

• Copper extends pullback from 200-SMA amid bearish MACD.
• Three-week low, 61.8% Fibonacci retracement will challenge the sellers.
• Bulls need to refresh monthly top for conviction.

Copper snaps two-day uptrend, down 1.03% around $4.2785, as European traders brace for Monday’s bell. In doing so, the red metal stays below 200-SMA amid bearish MACD.

Hence, the latest selling pressure is likely pushing the bears toward the ascending support line from June 29, around $4.2600.

However, any further weakness will be questioned by a confluence of the late June low and 61.8% Fibonacci retracement of June-July upside, around $4.2070.

Even if the copper sellers dominate past $4.2070, the $4.2000 threshold will be a tough nut to break for them.

Alternatively, a corrective pullback will be initially probed by the $4.3000 round figure ahead of the 200-SMA level surrounding $4.3500.

Though, a clear run-up beyond $4.3500 won’t offer a green pass to the copper bulls as they need to refresh monthly top of $4.4025 to retake the controls.

Price of Copper: Four-hour chart

Trend: Further weakness expected