Copper has been continuing its recent recovery, with the metal now trading around 20 per cent above its current yearly price low.
Copper price analysis shows that bulls need to break above the $2.55 resistance level to encourage more technical buying.
Copper medium-term price trend
Copper technical analysis shows that the metal will move above its key 200-day moving average if price moves above the $2.55 level.
The $2.55 level is also important, as the neckline of a large head and shoulders pattern is located around this area.
The head and shoulders pattern has already been activated, and reached its full downside target in March this year.
If bulls move price above the $2.55 level then the $2.60 and $2.80 levels become the likely bullish targets.
Traders should also be aware that a large bullish reversal pattern will form if price reaches the $3.00 level.
Copper short-term price trend
Copper technical analysis shows that the metal is only bullish over the short term while the price trades above the $2.35 level.
The lower time frames currently show that a bullish inverted head and shoulders pattern has been activated.
Looking more closely at the inverted head and shoulders pattern, the breakout remains valid while price trades above the $2.37 level.
The size of the bullish pattern implies that copper price could rally towards the $2.60 level.
Watch out for more short-term strength in copper if we see price holding above the neckline of the pattern.
Copper technical summary
Copper price analysis suggests that the metal could rally above the $2.55 level. Short-term technical analysis is pointing to more upside in the metal.