The Copper future increases slightly to $3.81 after a 4 day downtrend

While in the midst of a 4 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $3.8, CME Copper is up to $3.81 per pound, which makes for a move of 0.21%/0.8 cents today.

Despite ticking up in the session, the short-term outlook has become negative after the MACD moved below its signal line — typically a bearish indicator that upward momentum is running out of steam.

Examining the technical analysis landscape, Copper is likely to reverse course and start pointing downward in the short term.

Rallies can also be seen in other Metals, Silver is up 1.59%. Platinum gained 1.05% and is now trading at $936.6.

Moreover, macro data could boost sentiment further as United States Consumer Confidence is projected to outperform its last figure with 104. It previously stood at 102.3; data will be released tomorrow at 14:00 UTC.

Also worthy of note, United States Building Permits will be released tomorrow at 12:00 UTC. United States New Home Sales (May) is expected tomorrow at 14:00 UTC.

The commodity has been trending positively for about a month. CME Copper is now trading 6.87% below its 3-month high of $4.27.