Chart Of The Day: Copper

 | Jan 05, 2021 06:05PM ET

Copper has been on an absolute tear higher following the COVID lows. The rally has seen only a few "pauses" before the next leg higher. We may be nearing another "pause" near term as the 3.68 level 127% Fibonacci extension comes into view with a very divergent RSI. This may allow for a consolidation. While we are above 3.3200 (previous 2017 and 2018 highs) the copper market remains bullish.