Copper price did a 180 against the rally we saw in Q1 of 2019. On the daily chart below, we can see that price rallied from a low around $2.55 to about $2.97 before price made a double top and fell back down. Now price is falling towards the $2.55-$2.60 area. This will be a critical support area.Copper Daily Chart(click to enlarge)False Breakout:- Looking at the daily chart, we can see that the 2019 rally broke above a key resistance around $2.85-$2.87.- However, price didn't quite make it to $3.00 before flattening and eventually falling back sharply. - It looks very likely that price will retest that $2.55-$2.60 area again.- This was a key support twice in 2018 and early 2019. - Price would also be testing a rising trendline support here.- Because of such a confluence of support factors, A break below $2.55 will likely be a signal for bearish continuation.- In this scenario, the $2.00 would be in sight for the medium-term (2019 into 2020). - On the weekly chart, we can see that price essentially respected the early 2018 price top. This suggests that bears are still in charge. - I would NOT rely on the $2.55-$2.60 support outside of a short-term bounce. Copper Weekly Chart(click to enlarge)