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
Targets: 3.0000 & 3.1800
Update: The move to 2.7600 triggered our intial buy limit order