Below, we see annual copper from 1890. Note that the momentum oscillator is oversold and is turning up at a higher low than the last low, a constructive development.
Monthly price is overbought, but this is not a great concern due to the annual momentum situation. Note in the monthly histogram that the current month has been seasonally strong. In March, price has risen in 60% of all cases for an average 2% gain. The April, May, June months have individually closed on the upside less than 50% of the time. The monthly dynamic cycle dips from April through mid-May so a correction back to $3.80-$3.90 is possible. But the longer bull market remains intact.
All retracement levels have been surpassed, so new highs past $4.50 are likely likely in the summer.
Annual Copper from 1890
Monthly Copper
Monthly Histogram for Copper
Blue: Average Percentage Change
Red: Probability of a rise on that day
Green: Expected Return (Product of the first 2)