Copper is in a consolidation mode as it is forming “lower top higher bottom” pattern. Currently, it has bounced back from the support line. In the near term, 3.05 – 3.02 will act as a crucial support zone on the way down. If the red metal holds above the support zone, it will see a bounce towards 3.19 – 3.24 on the way up. However, if it fails to hold the support zone, it can drift lower towards the level of 2.94. Overall, the medium uptrend will remain intact as long as it is trading above 3.02. The daily momentum indicator is bearish.
