The red metal appears to be putting in a handle here on the daily chart and finding support at the 21-day moving average. As mentioned before, we’ve been buying contracts on weakness in the expectation for a breakout and extended move. We’ve highlighted a ‘W’ continuation pattern on the chart, aka a double bottom (continuation pattern – not a double bottom bullish reversal. Those are two separate patterns with different market contexts).
Closes below the 200-day moving average would negated our assessment on this trade.
Here’s the Weekly Chart. More analysis and plenty of copper charts can be found on here on the site.