COPPER may be forming a head and shoulders reversal pattern
Recently, there is a potential reversal pattern in copper futures. We should pay close attention to whether this form can be formed successfully.
MACD index also shows the lack of driving force for price rise. Compared with the two increases, the price of "B" exceeds "A", but MACD does not reach a new high. We need to pay attention to whether the MACD index corresponding to the rise of "C" segment is still weak.
If this price rebound is no more than $2.769, and then successfully falls below $2.7035 (need a price rebound confirmation), I will short copper futures. My stop price is at the top of the “C”. My 1st take profit target is $2.651, 2nd take profit target price is $2.5615.
MACD index also shows the lack of driving force for price rise. Compared with the two increases, the price of "B" exceeds "A", but MACD does not reach a new high. We need to pay attention to whether the MACD index corresponding to the rise of "C" segment is still weak.
If this price rebound is no more than $2.769, and then successfully falls below $2.7035 (need a price rebound confirmation), I will short copper futures. My stop price is at the top of the “C”. My 1st take profit target is $2.651, 2nd take profit target price is $2.5615.
Trade closed: stop reached:
Copper futures prices have exceeded the previous high, there is no short opportunities.