It's been a couple of tough months for Copper as the metal was unable to go topside of the $3 level and subsequently broke below important support at the $2.84 figure, which precipitated its recent slide down the slippery slope where we now find the Good Dr. attempting to hold its 40-Week (200 DMA) as evidenced in the Weekly chart above.
While the landscape presently finds Copper in shortage as well as seasonality about to change to a favorable posture at the end of June coupled with large Short exposure via investors/traders, we wonder whether Copper can hold the line and perhaps stage a reversal of fortune from these levels ($2.64)?
With the Jury still out and awaiting its verdict, both investors/traders may want to keep a close eye on the metal moving forward for signs/clues for a potential break in either direction.
Nonetheless, Copper finds itself at a key inflection point, which depending on which way she decides to break (Higher or Lower) will set the tone in the weeks ahead.