ON WATCH Copper analysis

Copper price action

Time Frame : Daily Chart and Intraday Hourly Chart

Copper has made a pivotal move by breaking out of the contraction lower on the longer term Daily timeframe. We see the potential now for another leg higher that will either test the daily highs or break up to new levels. For now Copper is holding in a range and may need to flush out some short term buyers on a pullback off current levels. We expect to see the range support level hold and would not be surprised to see some chop before a leg higher. Watching some local copper names for buy entry setups.

Commodity : Copper

Current Futures Price : 4.3455

Status : On watch for Copper to move higher

Daily Chart
Hourly Chart