{"id":2690,"date":"2026-06-22T17:40:27","date_gmt":"2026-06-22T17:40:27","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=2690"},"modified":"2026-06-22T17:40:27","modified_gmt":"2026-06-22T17:40:27","slug":"mapping-the-market-coppers-pause-may-be-setting-the-stage-for-the-next-leg-up","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=2690","title":{"rendered":"Mapping the Market: Copper’s pause may be setting the stage for the next leg up"},"content":{"rendered":"
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June 22 (Reuters) – U.S. copper futures have been treading water since early May, but don’t mistake stillness for stagnation. Beneath the surface, the chart is quietly building a case for \u200ba resumption of the metal’s long-running rally.<\/div>\n
Click for a more detailed chart<\/svg>, opens new tab<\/span><\/div>\n
Copper \u200chas remained supported by longer-term demand themes tied to artificial intelligence and the energy transition, and U.S. policies have also affected the price. Those forces helped push futures to a trend high of $6.7160 per pound on \u200bMay 13, according to data supplied by LSEG, but the market has since \u200bshifted into a lower gear.<\/div>\n
That pause is actually meaningful to chart watchers. The \u2060daily chart of copper futures is forming what technical analysts call a bull pennant, \u200ba pattern defined by two converging trend lines drawn from the highs and lows of a \u200bconsolidation period. Think of it as the market catching its breath after a sprint. The pattern typically resolves with a renewal of the original upward move.<\/div>\n
For the pennant to play out cleanly, copper would ideally push \u200bback up to test the upper trend line near $6.70, pull back once more, and then \u200bbreak through it convincingly. A failure to hold the lower trend line \u2014 which sits in the $6.14-$6.17 range \u2014 \u200cwould undermine \u2060the bullish case entirely.<\/div>\n
The consolidation is also giving a key momentum gauge, the Relative Strength Index, or RSI, a chance to cool down. RSI measures how quickly prices have been moving in one direction; it had become “overbought” around the May 13 peak, signaling the market may \u200bhave moved too far, \u200btoo fast. A reset \u2060here would give any rally a healthier foundation. If the bull pennant resolves as the pattern suggests, the technical target using a “measured move” \u2014 \u200bwhich assumes the next leg up mirrors the last \u2014 points to $7.40-$7.50.<\/div>\n
What \u200bthe chart shows:<\/div>\n
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