Copper Weekly Chart; C&H; Sideways Symmetrical Triangle

The copper chart shows the cup and handle (C&H) pattern playing out in near textbook fashion. Typically, price will retreat after the breakout for a back test of the breakout line but in the chart above price broke out higher and never looked back. The base of the cup is 1.95. The top of the cup and handle pattern, the breakout line, is at 2.30. So when price broke up through 2.30, the 2.65 level is the upside target to satisfy the C&H (2.30+0.35); which was achieved.

The pink sideways symmetrical triangle pattern was highlighted in a previous post. The vertical side of the triangle is about 0.55 so the breakout from 2.20 targets 2.75; which was achieved.

Copper retreats to the 2.45-2.48 support level. The 200-week MA at 2.75, and dropping, serves as a firm resistance ceiling. Copper will probably stagger sideways waiting for further clarity in 2017 as to how much of an increase in global infrastructure spending will occur, especially in the United States. Copper stockpiles rise sharply last week so copper was punched in the face. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.