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Copper Price Looking at a Potential Bullish Breakout with Upside to the 2018 Highs Around $3.30

Recently we noted that copper miner Freeport-McMoran was in a bullish breakout. It should inferred that copper prices look bullish as well. Indeed the price chart of copper appears to be getting ready for a bullish swing.

Copper Daily Chart

(click to enlarge)

Bullish Breakout:
- First of all, copper price has broken above a consolidation range in February, but then consolidated under a previous support pivot in March. 
- We can say that copper prices are at the crossroads.
- But look at the price action within the consolidation since March. 
- We can see that after making lower highs and lower lows for a month, price popped up at the end of March, and broke the pattern of lower highs.
- It looks like it could be developing a higher low as well this week. 
- Furthermore, price is holding above the cluster of 200-, 100-, and 50-day simple moving averages (SMAs), and the RSI has held above 40. These are signs that the bullish market is taking hold.
- As price enters a previous consolidation area between roughly $3.00 and $3.30, we should limit the bullish outlook to $3.30.
- We can also anticipate resistance around $3.15. But if a pullback finds support around in the $2.95-$3.00 area, we should consider the potential of price extending towards $3.30 as well.  

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