I doubt that one needs to be reminded that Doc Copper remains in a downtrend, creating lower highs and lower lows since it highs back in 2011. This down trend finds itself facing what could be a critical short-term test of support at this time.
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Since 2011, almost every time Copper has moved above its 200MA line, it ended up being much closer to a high than a low!
Over the past 12-months, Copper has created a narrowing pennant pattern, inside of its 5-year falling channel.
Copper has created a series of lower highs at (2) and has created a series of higher lows at (3).
Since Doc Copper remains inside of a 5-year down trend and the pennant pattern is near completion, the next step it takes, could be a very important one for this asset.