Copper Upside potential – 21 March 2016
COMEX copper formed the right shoulder of an inverted Head & Shoulder pattern, which is a bullish pattern. It broke out on the upside and crossed the conservative pattern target. The red metal is heading towards the aggressive pattern target, which is near $2.35. Beyond that $2.45 will be the level to watch out for. The daily and weekly momentum indicators are in sync with the bullish price action. On the flip side, the level of $2.20 will act as a crucial support from short- to medium-term perspective.