Copper markets erupted higher this week following President Trump's proposal to impose a 50% tariff on copper imports. The price ripped from just above $5.20 to nearly $5.80 in a single 4-hour candle.
Now, copper could be forming a bullish flag or pennant on the 4-hour timeframe. After the vertical spike, price is consolidating in a tight, potentially downward-sloping channel between ~$5.45 and ~$5.60.
If confirmed with a clean breakout above the flag’s upper trendline - perhaps near $5.62—the next leg could project toward the previous high near $5.80
There’s also a gap below current price action, between $5.20 and $5.35, formed during the explosive move up. While gaps can act as support zones, they also tend to get revisited.
Now, copper could be forming a bullish flag or pennant on the 4-hour timeframe. After the vertical spike, price is consolidating in a tight, potentially downward-sloping channel between ~$5.45 and ~$5.60.
If confirmed with a clean breakout above the flag’s upper trendline - perhaps near $5.62—the next leg could project toward the previous high near $5.80
There’s also a gap below current price action, between $5.20 and $5.35, formed during the explosive move up. While gaps can act as support zones, they also tend to get revisited.
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Economic Calendar:
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Free TradingView Premium:
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blackbull.com/en/economic-calendar/?utm_source=tradingview
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blackbull.com/en/platforms/tradingview/?utm_source=tradingview
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.