#COPPER
Copper has struggled throughout the week following the breakdown of its 50 EMA and ascending broadening wedge support two weeks ago, signaling a shift in character from expansion to corrective pullback.
Price found support at the 200 EMA and opened the week with a uggesting an initial attempt by bulls to defend the level, but without any confirmation, no session was able to close above the prior day’s high, showing a lack of follow-through and conviction.
Since then, price has been consolidating sideways just above the 200 EMA, but this is taking place under a declining 50 EMA, horizontal resistance, and a heavy volume profile supply zone, meaning any bounce is likely to face strong overhead pressure.
Psychologically, this reflects a market where bulls are trying to stabilize price while sellers continue to dominate bounce attempts.
While the higher timeframes (weekly and monthly) remain bullish, this current daily setup aligns with a deeper retracement toward the $5.15 area, which we’ve been anticipating as a retest of the monthly ascending triangle breakout. We’ll be reviewing these higher timeframe levels and key signals in detail in this weekend’s
#COPPER video review, and if you want access to our levels, entry triggers, and full technical breakdown, join us at
goldeneyeanalysis.com.
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