Chart of the Day - Thursday, February 6, 2025

🏆 Today's Chart of the Day was shared by Eric Conrads (@conradseric). 
 

• Copper is on track for a perfect week, rallying +4.2% over the past four sessions. It closed at a three-month high of $4.46 per pound today. 
   
• Eric points out that it looks ready to push higher after refusing to break horizontal support and its 200-week moving average. It's coiled tightly and testing a nine-month downtrend line.  
   
• Last May, Copper suffered from a Failed Breakout at an all-time high of $5.00 before sliding -22.2%. However, Copper could retest those all-time highs if this falling trendline breaks. 
   

The Takeaway: Copper has caught a bid this week after respecting support. If it breaks the falling trendline from the peak, it could revisit the all-time highs above $5.00 in the coming weeks.