Since the highs in early March, Copper was stuck in a downtrend with a series of lower highs, but is starting to repair some of the technical damage that was done. The July Copper contract broke out off an inverse head and shoulders pattern on June 2nd but stalled out and reversed off resistance near 4.57, which was previously support and the breakdown point from April 25th (previous support is now resistance). With the recent COT showing a net short position of 13,000 contracts, there could be a potential short squeeze on a breakout above resistance which could open the door for a run back at the top end of the range from March and April, in the neighborhood of 4.80.