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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