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Copper Futures (HG) Technical Outlook: Testing Trend Support

Copper Futures (HG) Technical Outlook: Testing Trend Support

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Copper Futures Technical Highlights:

  • Copper futures (HG) sitting on trend-line support
  • Head-and-shoulders pattern a possibility

Copper futures are sitting on the trend-line rising up from the March 2020 low and slope running over from a peak created in January. The slope also makes up what could amount to a head-and-shoulders pattern.

Whether you view it a valid formation or not (right should is a bit weak thus far), confluent support between the trend-line and slope is important. If it breaks, then look for a decline to the 200-day as the first targeted threshold at 3.88 and rising.

To get things moving on the top-side, the trend-line off the record high will need to be broken, but even as such it is possible a larger right shoulder is getting formed. Either way, the only way the formation is validated, whether now or later, is if the neckline breaks.

A stronger trading bias should be determined here shortly..

For the full details, check out the video above.

Copper Futures (HG) Daily Chart

copper futures (hg) daily chart

Copper Futures (HG) Chart by TradingView

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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.