Copper price was bullish since 2016, from a price around $1.95/lb to a high of around $3.32/lb in late 2017. Since then, price has been consolidating roughly between $2.95 and $3.32. With price holding above $2.95 twice, price started to anchor above $3.00. Then in June, price also pushed towards the $3.32 resistance. This bullish attempt is being rejected an challenged, but if price can hold above $3.10, the bullish scenario is still very possible. Copper Daily Chart (click to enlarge) Consolidation:- The daily chart shows how price is consolidating between $2.95 and $3.32. One can argue that this is a double top in the making.- Before that let's take a look at the bullish scenario.Key Support:- The bullish scenario is alive if price can hold above the key support around $3.10. - This area involves1) middle of the consolidation range2) the cluster of 200-, 100-, and 50-day simple moving averages (SMAs)3) Also, the RSI is right just above 40, and if it can hold above 40, we can say that bullish momentum is being developed. Bearish Scenario:- A break below $3.10 simply takes away this bullish scenario. We would have to reassess the market and see what happens if price comes back down to the $2.95 support area. - If price does make it down to $2.95, I would anticipate some capitulation and a bearish correction towards the enter of the previous consolidation range, which would be around the $2.60.lb area.