CPER Metals Research — August 23, 2026
CPER $39.99 — bullish above $39.02, bearish below $37.72
CPER $39.99 — bullish above $39.02, bearish below $37.72
Line in the sand: CPER closed Friday at $39.99 (session high $40.025, low $39.822), consolidating just below the $40.965 high printed 2026-08-05. As long as price holds the $39.02 higher-low support (2026-08-18 session low), the broader uptrend stays intact and the measured-move target at $42.95 remains in play. A close below $37.72 (the 2026-06-10 pullback low) would signal a deeper correction is underway.
How the analysis was built: Unlike the parabolic gold/silver complex, copper's 52-week structure has been a steadier grind higher, punctuated by one sharp one-day spike: price rallied from a $27.37 cycle low (2025-08-27) through most of the year, then spiked to a $40.44 print high on 2026-01-29 (open $40.35, close back at $38.71 the same session) before correcting to a $32.305 low on 2026-03-20. That annual skeleton — A = $27.37, B = $40.44, C = $32.305 — frames the broader trend.
Within the recovery from that March low, price rallied to $40.78 (2026-05-13 high), corrected to $37.715 (2026-06-10 low), then chopped in a $37-$40 range for two months before breaking out again to a fresh cycle high of $40.965 on 2026-08-05. Copper has held that breakout zone since — a 2026-08-18 dip to $39.02 was bought, and CPER has firmed back to $39.99 by 8/21. As a global-cycle bellwether, this steady basing-and-breaking pattern above the March low is consistent with copper's role as a read-through on industrial demand rather than a safe-haven trade like gold or silver.
A 61.8% extension of the $32.305-to-$40.78 range, projected off the $37.715 June low, targets $42.95 as the next primary objective if the August breakout holds. Below current price, $39.02 is the first line of defense; a deeper break of $37.72 would put the March correction low at $32.305 back in focus.
Key Level Map
| Level | Type | Role |
|---|---|---|
| $42.95 | Wave projection C+61.8%(B–A) | Next primary target above range |
| $40.97 | Weekly containment (★★★) | Aug 2026 high — cycle high print |
| $40.44 | Annual containment (★★★★★) | Jan 2026 spike high — B-wave |
| $40.03 | Session containment (★) | Aug 21 session high |
| $39.02 | Session containment (★) | Aug 18 low — higher-low support / bullish trigger |
| $37.72 | Multi-week contain (★★★★) | Jun 2026 pullback low |
| $32.31 | Annual containment (★★★★★) | Mar 2026 correction low — C-wave anchor |
| $27.37 | Annual containment (★★★★★) | Aug 2025 cycle low — A-wave base (52-week low) |
Not financial advice. Analysis only.
Charts
