Copper: Bullish breakout watch

Similar to silver futures (see recent Straight from the Chart posts), copper futures are also breaking higher today.

If copper futures sustain today's (11/28) rally above 5.28-5.26, it would confirm an early October into late November bullish continuation pattern with upside potential to 5.63-5.70.

The 5.16-5.13 area (November 13 high and today's session low) offers support if copper struggles with this potential bullish breakout.

Rising 13-, 26-, and 40-day moving averages clustered near 5.07–5.06 reinforce copper’s constructive trend.

Chart 1: Copper futures: Daily candle chart