Since the beginning of the year, the commodity lost over 15.5% nonetheless, last week managed to drop almost 1.5% and is in a bearish phase since mid-June. Last week, copper went back and forward without any clear direction however managed to close in the middle of the weekly range, in addition, the commodity closed shy below the previous week low, which suggests bearish momentum. Stochastic is showing an extreme oversold market, although is still displaying a strong bullish momentum. Since early June, the commodity has been in a free fall but seems like it found some support around 2016 high at 275.20. Copper also breach the 61.8 Fibonacci retracement at 279.63, however, the price action did not extend to far away from it, which suggests that an upward correction might be around the corner. Expecting an upward move to a weekly resistance at 287.60 on a bounce from 2016 high at 275.20 (scenario 1), however, a bounce from the weekly resistance at 287.60 may trigger another bearish drop down to 2016 high at 275.20 (scenario 2).