Copper has been frustratingly resilient to any of the 2016 bullish sentiment since the US Equity markets bottomed in January / February. Monday marked a new shine for $COPPER as it finally moved above the base.
A few things have been working on this chart. The price action shows Copper pushing higher each day of the last 10 with steadily increasing volume. The Relative Strength line in purple broke to fresh 6-month highs. That definitely makes it more interesting. As a footnote, the MACD is not really showing us anything that jumps out as extremely bullish yet. However, a more engaged look will see a series of higher lows on the MACD with this recent bottom being very close to zero. If momentum can start oscillating above zero, expect a steady rise to continue. We can see the 200 DMA in green finally turned up creating a positive upsloping long term trend. This is also a nice example of a base being built and breaking out this week. We can see how the price action is changing relative to the long term moving average in green. It used to be below it, now it is mostly above it.