Since the beginning of the year, the commodity lost over 16.5% nonetheless, last week managed to drop almost 0.4% and remains 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 within the previous week range, which suggests being clearly neutral, neither side is showing control. Stochastic is showing an oversold market, but is beginning to display a shy bullish momentum although is still below the 50 midline. Since early July, the commodity has been in a sideways correction gravitating around 2016 high at 275.20 and made a new year-to-date low at 267.30 that line up with the 76.4 Fibonacci retracement at 267.24. The oversold market with the sideways correction suggests that an upward correction might be on the way. Expecting an upward move to a 61.8 Fibonacci retracement at 279.63 on a bounce from 76.4 Fibonacci retracement at 267.24 (scenario 1), however, a break above the 61.8 Fibonacci retracement at 279.63 may trigger an upward correction up to a weekly resistance at 287.60 (scenario 2).