The pink sideways symmetrical triangle pattern was highlighted in a previous post. The vertical side of the triangle is about 0.55 so the breakout from 2.20 targets 2.75; which was achieved.
Copper retreats to the 2.45-2.48 support level. The 200-week MA at 2.75, and dropping, serves as a firm resistance ceiling. Copper will probably stagger sideways waiting for further clarity in 2017 as to how much of an increase in global infrastructure spending will occur, especially in the United States. Copper stockpiles rise sharply last week so copper was punched in the face. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.