While in the midst of a 5 day downtrend, losing a total of 3.62% (17.7 cents), A possible reversal detected from Friday; the Copper future rose 3.05 cents to close at $3.9 per pound Friday which makes for a move of 0.79%.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Copper has just crossed the lower Bollinger Band® at $3.9, indicating a downward correction could occur..
Overall, looking at the technical analysis landscape, it seems Copper is likely to reverse course and start pointing down in the short term.
Rallies can also be seen in other Metals, Gold skyrockets 3.68% Friday and closed at $1,923. Silver is trading around $22.75 after ending Friday's session at $21.69 (up 4.88% today).
Copper has gained 6.45% since its lowest print of $3.21 earlier this year.