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.
|Comments||Allow several months for the trade to complete|