Copper Chart Update: Ten-Month Downward Trendline Overcome

Since the peak in May of last year, the copper price has been running below the purple trendline. In November, a new upward push began – this time successfully, as the downward trendline was overcome. The $10,000 mark was also briefly cracked, at least in the short term.

The 38-day line has been rising significantly for some time and has already crossed the 100-day line and 200-day line. The latter two are no longer falling and are beginning a barely noticeable upward movement.

Should the upward momentum be confirmed, the next targets would be the two tops of the past year – $10,300 and $10,800.

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