Copper remains in a well-defined sideways structure that has been in place since the beginning of January. The price is moving inside a horizontal range marked with an orange rectangle. Apart from a brief upside spike at the end of January, which turned into a false breakout, the structure is technically clean and consistent.
That false breakout to the upside, marked in red, occurred during the broader volatility across metals. However, the move failed quickly and price returned back inside the range, which reinforces the validity of the rectangle rather than invalidating it.
At the end of last week, copper tested the lower boundary of the formation and attracted demand. Yesterday, price rotated toward the upper boundary and tested resistance. Both edges of the range are respected with precision, which confirms that the market is in balance and waiting for a catalyst.
As long as copper trades inside this rectangle, there is no directional signal. A decisive breakout above resistance would generate a buy signal and open the door for a new bullish wave. A breakdown below support would activate a sell signal and shift sentiment clearly to the downside. Until that happens, patience remains key.