Copper Repelled Again

A break of $3.21 needed for a bullish resolution in the short-term. While the chart looks increasingly bullish, I see downside risk because if copper falls below $2.92, not an impossible move given the volatility, that would take out all four trendlines I have drawn. If I go out in time, three of the trendlines are rising or horizontal, the other is downsloping. A drop below $2.90 by July would also break the down sloping former resistance. Copper has plenty of time to resolve badly for itself and more importantly, the global economy.

I'm agnostic on copper miners at the moment. There are great buys if copper breaks out. I have my eye on a few stocks that I would immediately buy on a breakout. It would also be highly bullish for gold if copper failed, and uultimately more bullish for copper longer-term because of the response will be currency debasement. I'd be happy to buy at new panic lows if that is offered.