We previously analyzed copper about one week ago, when the price was trading within a well-established rectangle pattern, bounded by horizontal green lines marking clear support and resistance levels. This consolidation range has remained intact, with the price migrating from the upper boundary down toward the lower one over recent sessions.
Most notably, there was a recent temporary breakdown below the lower boundary of the rectangle—highlighted in red on the chart. This proved to be a classic false breakout to the downside, as the price quickly reversed and began climbing higher once again, re-entering the pattern.
The rejection at the lower support, combined with the failure of sellers to sustain the breakdown, reinforces buyer control in this zone. With another successful defense of the rectangle’s support level, the technical bias turns bullish. The immediate target remains the upper boundary of the rectangle, representing a high-probability move within the ongoing range.
Overall sentiment for copper appears bullish in the short term, provided the price holds above the key lower support and eventually confirms a decisive breakout to the upside. Watch for increasing volume on any push toward resistance, and always apply proper risk management around the pattern boundaries.