Copper price could be in another bearish swing. Copper Daily Chart 8/3(click to enlarge)Falling channel intact:-Copper has been bullish since finding support at 2.012 - a projected channel support. - It has rallied all the way to the projected channel and actually cracked it. - However, as we can see from the daily chart, price failed to extend higher and remained in a falling channel mode. Copper 4H Chart 8/3(click to enlarge)Topping and breakdown:- The 4H chart shows Copper finding resistance multiple times at 2.27 before topping. - I remember anticipating a successful breakout, especially after seeing how the consolidation was developing. - The fact that price still fell shows that bulls relinquished and that bears are in charge. - After that initial topping, the market consolidated again above 2.18. - However, bulls are unable to clear copper back above 2.24. - This failure is putting pressure back at the support around 2.18. - A break below 2.18 would clear 1) another consolidation support, 2) a rising support, and 3) the 200-period simple moving average (SMA). - A break below 2.18 will at least open up the next support pivot just below 2.12. At this point if 2.18 holds and price can climb back above 2.215, I would pull back on my bearish outlook. Otherwise, we should be seeing a slide towards 2.12.