CPER Metals Research — May 25, 2026
CPER $38.92 — new cycle high $40.78 printed May 13; consolidating above $37.66 support
CPER closed the week at $38.92, consolidating after printing a new cycle high at $40.78 on May 13 — a level that exceeds the January 29 spike terminus at $40.44.
Weekly Structure
The primary advance ran from the July 31, 2025 tariff-crash absolute base at $27.08 (Wave A), recovering to a Wave B peak at $32.40 on October 9, 2025, then extending to the Wave C spike terminus at $40.44 on January 29. Wave D corrected to $32.31 during the week of March 20.
The ABCD projection from Wave D targets $37.63 as the structural recovery objective — a level that has now been cleared. The new May 13 cycle high at $40.78 is a significant structural development, as CPER has exceeded the January spike and established a new post-correction absolute high.
Current Position
Following the $40.78 print on May 13, CPER pulled back through the week of May 15, closing that week at $38.14 before the May 18 daily opened at $38.21. May 22 closed at $38.92 with a session high of $38.96.
The $37.66 level (April 22 recovery high) is the immediate support pivot on any further pullback. The $35.83 level (April 29 swing low) is the deeper structural support. As long as price holds above $35.83, the new cycle high at $40.78 can be viewed as the launch pad for a continued advance.
Key Level Map
| Level | Type | Role |
|---|---|---|
| $40.78 | Annual containment (★★★★★) | May 13 new cycle high — absolute terminus |
| $40.44 | Multi-week contain (★★★★) | January 29 spike terminus |
| $38.96 | Session containment (★) | May 22 session high |
| $37.66 | Weekly containment (★★★) | April 22 recovery high — first support |
| $35.83 | Weekly containment (★★★) | April 29 swing low — deeper support |
| $32.31 | Multi-week contain (★★★★) | Wave D corrective floor (March 20) |
| $27.08 | Annual containment (★★★★★) | July 31 tariff-crash absolute base |
Thesis
CPER is the relative strength leader in the metals complex this week — the only ticker in the watchlist to print a new cycle high above the January spike. Constructive above $37.66. A hold above the $35.83 floor keeps the bullish structure intact. The $40.78 breakout level, once confirmed on a weekly close basis, becomes the next launch zone.
Charts
