Forex Trading Library

Copper – Reverse Head and Shoulders formation remains possible

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Technical

Copper – Bullish reverse 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 2.8750 is breached.

Daily:  A classic reverse head & shoulder pattern looks to be forming and the reaction higher from the recent low of 2.6410 has solidified this view. A bullish outside day has been posted with further upside follow through today. The measured move target for the formation is 3.1800.

Action: We look to buy at 2.7500

Stop:  2.6400

Targets: 2.8750, 3.0000 & 3.1800

UPDATE: Dip to 2.7500 has triggered the buy trade idea

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