COPPER Weekly Opportunity

Copper is currently testing strong support in this area from $298-$304 where 2011 and 2013 lows converge with the top of the 6 ½ year channel. A weekly close above this area already happened so it means Cooper would strengthen the bullish picture in the future.

There is a confirmed inverse head and shoulders pattern that targets a move to $376, just shy of the 2012 highs in this area from $396-$399.

However it is worth noting that weekly momentum is the most stretched it has been since 2010 (not shown). In addition to that, positioning seems to be very stretched also.

Trade CodeCOPPER-0001
Stop Loss266
Take Profit360
CommentsAllow several months for the trade to complete