Copper Breakout Watch: Metal Eyes Move Above Crucial Resistance

Copper prices are building a foundation for another potentially significant advance, according to technical analysts. A recent reversal in price action suggests that sellers were unable to maintain control at lower levels.

The metal briefly slipped below a trendline drawn from its March low, but quickly reclaimed the line just three sessions later. This failed breakdown indicates that copper's upward structure is still intact.

Copper has largely traded within a defined range of $6.30-$6.89 since recovering from a low of around $5.93 a pound in late June. The upper boundary of this range, $6.89, is now the key level for traders watching for a potential breakout.

A sustained move above $6.89 could open the door to a substantially higher price target, with a measured-move approach pointing toward the $7.85 region. This represents a gain of roughly 14% from the breakout area.