Copper Bullish outlook 08 March 2016
COMEX copper recently formed the right shoulder of an inverted Head & Shoulders pattern, which is a bullish pattern. It has broken out on the upside and has crossed the conservative pattern target. The red metal is heading towards the aggressive target of the pattern, which is near $2.35. Beyond that $2.45 will be the target to watch out for. The daily and weekly momentum indicators are in sync with the bullish pattern breakout. On the flip side, $2.20 will act as a crucial support on closing basis.