Copper price rose above $3.17 on Monday, fully reversing losses on Friday, but upside remains limited, following repeated upside rejections above $3.17 handle.
Future contract for December delivery is holding within triangular consolidation, as converging trend lines limit near-term price fluctuation.
Daily studies are bullishly aligned and favor eventual firm break above $3.1707 (triangle’s upper boundary) to signal resumption of recovery from $3.0725 (27 Oct correction low) towards targets at $3.1871 (Fibo 61.8% of $3.2580/$3.0725 pullback) and psychological $3.20 barrier.
The price may stay in prolonged consolidation while holding within the triangle.
Strong bearish signal could be expected on break and close below lower trendline (currently at $3.1091).
Res: 3.2000; 3.2120; 3.2355; 3.2415
Sup: 3.1450; 3.1232; 3.1091; 1.3100
