Long term copper is still in an uptrend -- but notice that prices are approaching the long-term trend line.
A.) In June and July prices consolidated in a triangle pattern
B.) In August and September prices formed a rounding top, finding a large amount of resistance (supply area) in the ~ 40-41 prices area
C.) For the last two weeks prices have again been consolidating, this time in a triangle pattern
The EMA picture is still bullish -- the shorter are above the longer and all of them are moving higher. But notice that the angle of the uptrend of all the EMAs is slowly decreasing. Also note that the 10 day EMA is really losing it's angle indicating the upward momentum is taking a hit right now.
