Copper (HG) Price Outlook Remains Bullish
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Copper Technical Outlook
- Copper forming a solid wedge pattern within context of uptrend
- 2011 highs targeted on a push higher out of pattern
Copper Price Outlook Remains Bullish
Copper has been backing and filling following the February spike-high. Price action is generally taking on the shape of a wedge formation, suggesting within the context of an uptrend that another leg higher is soon to follow. The 2011 highs in the 4.60s may come into play.
Keep an eye on trend-line/channel support should we see a dip lower. It may turn out to be support on a head-fake before rising in-line with the broader trading bias. A break of that trend-line could indicate the wedge is of a topping variety and will potentially warrant a negative outlook.
Copper Daily Chart (Wedging up within uptrend)
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.