Copper Prices Take Aim for May 2021 High Post Triangle Breakout
Copper futures are aiming for the May high at 812.60 after prices confirmed a breakout above a Descending Triangle chart formation.
The 200-day Simple Moving Average helped maintain the dominant uptrend as the red metal continues to consolidate since earlier this year.
A drop back under the July high at 768.50 could undermine upside progress, reorienting copper back towards the SMA.
Clearing the May high exposes the 78.6% Fibonacci extension at 851.8636 towards the 100% level at 900.60.
HG1!
The 200-day Simple Moving Average helped maintain the dominant uptrend as the red metal continues to consolidate since earlier this year.
A drop back under the July high at 768.50 could undermine upside progress, reorienting copper back towards the SMA.
Clearing the May high exposes the 78.6% Fibonacci extension at 851.8636 towards the 100% level at 900.60.
HG1!