On the Hourly time frame of Copper, I have noted the following indications.
1.The downward momentum has been waning.
2. There is a Bullish divergence on momentum with each Lower lows.
2. We can see a clear inverted H&S pattern on joining the previous highs.
4. Now, there is a breakout and retest of the downward trendline with a volume increase during the breakout.
5. There is also a "W' pattern formation after the breakout and retest. Which is a continuation pattern.
6. If the price holds the retest and shows a reversal candle stick formation,
This could be a bullish reversal.
7. The first target for price is around 740.
1.The downward momentum has been waning.
2. There is a Bullish divergence on momentum with each Lower lows.
2. We can see a clear inverted H&S pattern on joining the previous highs.
4. Now, there is a breakout and retest of the downward trendline with a volume increase during the breakout.
5. There is also a "W' pattern formation after the breakout and retest. Which is a continuation pattern.
6. If the price holds the retest and shows a reversal candle stick formation,
This could be a bullish reversal.
7. The first target for price is around 740.