Copper continuation pattern

FX:COPPER   CFDs on Copper
Pretty obvious continuation pattern ( bearish pennant ) forming within copper             .

Short term- We formed a inverted hammer candle today at the ascending trendline hinting at a potential pullback to fib before breaking out. If we form a bullish candle tomorrow that'll confirm the sentiment and i'll likely take a short term long entry up to that key fib area.

Long term- I'm looking for a reversal around that key fib area mentioned above to short for a longer term trade. If we don't get that I'll just wait for a retest of resistance after a breakout.

The pattern is nearing the end so if it isn't confirmed soon it'll fail. Watching this one closely...there really isn't much else in the market at the moment.

Hi Patrick,

MACD divergence building on the 4h chart. Are you still following this one, and what would be your entry criteria now?
Still watching! We have yet to break the key line connecting the major lows that started the pattern. Until we close below that line i'd say a relief rally up to fib is still pretty likely.

Great spot on the 4 hour by the way, even more evidence pointing to a turn before a real breakout! I'm watching the daily for a reversal sign and then confirmation with a clean break above the 50/60 ema on the hourly and a then a retest.


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