In looking at the attached chart, we see the commodity first broke above its longer-term downtrend line in December of last year after spending the bulk of 2016 in a sideways consolidation pattern, in an attempt to form a bottom. The commodity has been trading in a fairly tight trading range so far this year but the early stages of its uptrend since December is still intact thus far. Most recently we see a column of rising X’s has formed and we are quickly approaching the upper end of its recent trading range at $2.80. The first level of resistance will be found at this upper range of $2.74 to $2.80. If it manages to break above this area, the next level of resistance is at $2.97. Support can be found at $2.49 and, below that, at $2.25. It will be interesting to see in the coming weeks and months if Copper can resume its uptrend given the momentum that seems to be materializing out the China region. With an SMAX of 7 out of 10, it is currently showing near term strength against most asset classes.
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