Saad Ullah
⬤ Copper prices keep trading near recent highs, with COMEX Copper Futures holding above the 6.00 mark after a solid rally. The technical picture suggests another push higher within the current wave pattern remains on the table, keeping the near-term outlook positive. Charts show copper stabilizing after its latest climb, pointing to ongoing strength rather than any clear reversal.
⬤ Right now, all eyes are on a well-defined resistance zone sitting near 6.29. Looking at the four-hour chart, copper's getting close to upper projection levels where previous rallies started losing steam. The market's sitting just under this resistance, meaning there's still room for more upside if momentum kicks back in.
⬤ Below current prices, several retracement zones outline the broader structure without suggesting an active pullback is underway. These levels mark potential reaction points if momentum fades, but price hasn't made any serious move toward them yet. Copper's firmly in the upper range of its recent advance, fitting with the ongoing wave pattern.
⬤ This matters for the wider market since copper often signals shifts in industrial activity and growth expectations. Strength near 6.29 shows demand staying solid, while the consolidation at this level reveals growing sensitivity to technical barriers. How price acts around this zone will help determine whether the current rally keeps going or shifts into a correction phase.
Saad Ullah
