Copper markets erupted higher this week following President Trump’s proposal to impose a 50% tariff on copper imports. The price ripped from just above $5.20 to nearly $5.80 in a single 4-hour candle.
Now, copper could be forming a bullish flag or pennant on the 4-hour timeframe. After the vertical spike, price is consolidating in a tight, potentially downward-sloping channel between ~$5.45 and ~$5.60.
If confirmed with a clean breakout above the flag’s upper trendline – perhaps near $5.62—the next leg could project toward the previous high near $5.80
There’s also a gap below current price action, between $5.20 and $5.35, formed during the explosive move up. While gaps can act as support zones, they also tend to get revisited.
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