Copper has had a great bull run and is still bullish at this moment. However, we have a lot of resistance at the $3.30 level, inside of a channel, lots of divergence and we are closing the week as a bearish engulfing pattern. Also, based on elliott wave we should see a sell off as we have completed 5 waves. Also, there is a lot of supply of copper, which should drag on prices. I'm also expecting a dollar rebound here soon. I don't think we will see a break above $3.31 anytime soon and I am expecting for prices to hit $2.90 to $2.50 before rebounding. Whether we hold the channel support or not will also be a big indicator of where we go. I have my best guess drawn on the chart for now.
