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Technical analysis for Copper, the price broke above the 2021 high at 4.88$ on both the weekly and the daily charts, resuming the bullish wave on the weekly chart. The third target of the bullish wave on the weekly chart is the 2.272 FIB extension at 5.09$. The fourth target is the 2.618 FIB extension on the weekly chart at 5.45$.
At the moment on the daily chart, the price of Copper is about to break above the high at 4.86$ and the 0.618 FIB retracement. Such a break will open the door for a bullish run toward the previous high at 5.04$.
On the other hand, if the price of Copper breaks below the 4.6250$, that will open the door for a bearish run toward the 0.618 FIB retracement on the daily chart and the low at 4.46$. And if the price of Copper breaks below the low at 4.46$, that will accelerate the decline toward 0.618 FIB retracement on the weekly chart at 4.37$. Perhaps even lower toward the support zone and the low at 4.28$.
Daily chart:
Weekly chart:
