Copper Daily Chart

Copper has rebounded greatly over the last week. The H&S shown by the blue lines remains in play with downside target zone of 360-380. The trend of lower lows and lower highs remains in place from the February top; price will need to get above 450 to nullify this downward trend channel. The 20 MA crossing down thru the 50 MA in March was a signal of trouble ahead, watch for this again moving forward. The green circle shows how the 200 MA supported price during the recent weak trend. The 200 MA is sloping up which indicates that you must give the bulls the benefit of the doubt. A sideways symmetrical triangle played out in May-June, where price exploded up and out. The vertical base line of the triangle is about 35 points, so the breakout from 410 yields 410+35=445 target. That is where price sits now.

The action over the last month, from high to high, comes with all the indicators sloping up, a long and strong profile, thus, price will want to make another matching or higher high after a pull back occurs. 450 is the obvious key level during the coming days. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your financial advisor before making any investment decision.