Copper – Bullish reverse head & shoulders forming

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Technical

Copper – Bullish head & shoulders forming.

Weekly: The selloff from the double top formation has been completed achieving a measured move target of 2.5580. Buyers re-surfaced close to the 50% Fibonacci retracement (2.6280) and a correction higher has resulted. This weeks’ price action has been positive and a higher correction is expected once 2.8780 is breached.

Daily:  A classic reverse head & shoulder pattern looks to be forming and the reaction higher from the daily ichimoku cloud has solidified this view. The measured move target for the formation is 3.1800.

Action: We look to buy at 2.7600 or a break of 2.8800

Stop:  2.7000

Targets: 3.0000 & 3.1800

Update: The move to 2.7600 triggered our intial buy limit order

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