COPPER  Daily Chart

The red metal appears to be putting in a handle here on the daily chart and finding support at the 21-day moving average. As mentioned before, we’ve been buying contracts on weakness in the expectation for a breakout and extended move. We’ve highlighted a ‘W’ continuation pattern on the chart, aka a double bottom (continuation pattern – not a double bottom bullish reversal. Those are two separate patterns with different market contexts).

Closes below the 200-day moving average would negated our assessment on this trade.

Here’s the Weekly Chart. More analysis and plenty of copper charts can be found on here on the site.

COPPER Daily Chart
Copper-futures-analysis