Copper Looks To Be Charting A Bullish Flag

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the copper price. Further to our previous article, the base metal looks to be charting a flag (green parallel lines). These patterns are usually of the continuation variety. Thus, if the pattern completes than the breakout should be to the upside. In this regard, we do note that the RSI(9) is looking to cross above the 50 level, which would indicate a shift in the underlying momentum towards the bullish side (blue rectangle). We continue to monitor.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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