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Copper Price (HG) Technical Outlook: Watch Support, Pattern Forming

Copper Price (HG) Technical Outlook: Watch Support, Pattern Forming

Paul Robinson, Strategist
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Copper Futures Technical Highlights:

  • Copper futures (HG) heading towards big support
  • Head-and-shoulders pattern potential growing

Copper futures heading towards a significant level of confluent support around the 4.24/21 area. This area is marked by a trend-line from March 2020 and the neckline of a head-and-shoulders pattern that is under development. The pattern hasn’t been validated so we will need to reserve a bearish bias until the neckline is broken. Would-be longs may take interest at support.

For the full details, check out the video above.

Copper Futures (HG) Daily Chart

copper futures 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.

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