Since hitting a low of 2.878 in March, Copper (September contract) has been in an uptrend, erasing much of the decline seen earlier in the year.
After a pullback through mid-July, on July 22 the price is gapping higher, breaking a very short-term downward trendline and setting up another potential wave higher.
A stop loss can go below the recent low at 3.1675. Target areas are based on Fibonacci levels from multiple price swings since March. Likely targets include 3.31 to 3.34, with a longer-term target at 3.45 to 3.48.
Figure 1. Copper Futures (HG September Contract)
If the price drops from here (around 3.22), moving below the July low at 3.1675, the uptrend isn't necessarily over, but a larger correction is unfolding. Look for support near 3.05, and just above, as the price intersects with the trendline and finds buyers above the June lows.