Mapping the Market: Metals and mining shares may be perking up

A sustained break below structural support near the 99.95 low and the channel's floor, near 99.40, would undercut this bullish case and raise the risk of further declines.

What the chart shows:

• Bounce off 2025 low of 99.95 confirms structural support
• Pattern resembles a bull flag, with the top near the 134.46 and 132.87 highs
• Key levels to watch: 107.71, the 109.50-110 area, 112.51 and 116.40; support at 99.95 low and 99.40

Adding to the bullish case, the Relative Strength Index, or RSI, turned higher from oversold territory just as the rebound got underway. RSI is a widely used gauge of market momentum. When RSI turns higher from low, oversold levels, chart watchers often see it as an early clue that sellers are losing steam and buyers are stepping back in.