Technical highlights of copper futures:
- Copper futures (HG) sitting on a trend line
- The head and shoulders shape the opportunity
Copper futures are sitting on a trend line, rising lower in March 2020 and a slope from the peak created in January. The slope also forms the pattern of the head-shoulders.
Whether you look at it in the current lineup or not (the right one should still be a little weak), the support between the trend line and the slope is important. If it breaks, look for a drop to 200 days as the first target threshold of 3.88 and rise.
To move things up, you have to break the trend line from record heights, but even as such, it is possible to form a bigger right shoulder. In either case, the only way to validate the formation now or later is when the neck breaks.
A stronger trading principle should soon be identified here.
Watch the video above for full details.
Copper futures (HG) daily chart
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