In today’s technical analysis, we focus on Copper, which has entered a period of consolidation following a volatile start to April. After sharp price swings earlier in the month, Copper is now trading sideways, forming a narrowing range that suggests a breakout is imminent.
On the chart, the price action is confined within a wedge pattern, shaped by two black downtrend lines—one from the top and one from below—indicating tightening volatility. At the same time, a blue horizontal support level has held firm since mid-April, reinforcing the structure’s integrity.
How to interpret this setup? A breakout above the upper black trendline would generate a strong technical buy signal, suggesting renewed bullish momentum. On the flip side, a break below the lower black trendline would imply a bearish breakdown, opening the door for further downside.
At the current moment, considering recent price behavior and market context, the bullish scenario appears slightly more probable, but confirmation through a decisive breakout is still required.