Copper Failing at the 200-Day?

After the nearly 20% bounce that has taken place since the January lows, copper may now be running into intermediate-term resistance that could keep the rally capped for now. That resistance is the 200-day moving average, which has kept a lid on all the rallies over the last few years and acted as fuel to reassert the long-term downtrend. The first chart below shows the trailing two years and the second shows the trailing five years.

Pic1

Pic2