Good day traders! Copper continued to respect the blue upward sloping channel that I drew during the 23rd of April update. Price also well exceeded my targets and has since broken above my upper purple channel line.
Copper has the potential to challenge the 16th of January high, but price might find it hard to break through the 2.7080 – 2.8280 resistance zone and turn lower.
Should a decline take hold, then it might only be a corrective phase that could drop towards the 2.5595 and 2.4000 price levels.
More updates to follow.
Bias: bearish during upcoming corrective phase
Potential resistance: 2.7080 – 2.8280 or 16 January 2020 high
Potential targets: 2.5595 and 2.4000
Until next time, have a great day and stay safe!