From a monthly time frame perspective, copper has broken above a major resistance zone defined by consecutive highs dating back to 2011.
The breakout above $5.40 marks a significant technical milestone. A clean move above the $5.87 high could open the door for further upside, potentially targeting $7.00 and beyond as bullish momentum continues to build.
On the downside, if copper fails to hold this breakout and closes back below the 14-year trendline, support may be retested near the $4.60 and $4.20 levels.
- Razan Hilal, CMT
The breakout above $5.40 marks a significant technical milestone. A clean move above the $5.87 high could open the door for further upside, potentially targeting $7.00 and beyond as bullish momentum continues to build.
On the downside, if copper fails to hold this breakout and closes back below the 14-year trendline, support may be retested near the $4.60 and $4.20 levels.
- Razan Hilal, CMT
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.