Alex Bobrov
⬤ Copper took a hit during the session, dropping roughly 2% and sliding right down to a rising green trendline that's been holding things up. The metal is now testing whether this support line will hold or give way to further declines.
⬤ The chart tells a clear story: copper was climbing nicely before running out of steam near recent peaks around $6.60. Now it's sitting right at that critical trendline. If it breaks through convincingly, we're no longer looking at a consolidation—we're looking at a genuine shift toward lower prices.
⬤ Assuming the breakdown sticks, $5.50 becomes the next logical destination over the coming days or weeks. Don't expect a straight shot down though—copper could easily bounce back to retest that broken trendline before heading lower. On the flip side, if it manages to reclaim that green line, we'd be looking at a potential double top pattern instead.
⬤ Right now, copper's at a fork in the road. How it behaves around this trendline will determine whether the previous uptrend is just taking a breather or actually shifting into correction mode.
Alex Bobrov
