Copper Futures Prices (HG) Set to Breakout Above Long Term Declining Resistance
Copper Prices currently trading at 2.80 level after price consolidation during 2018. As global economy continue to growth so does the use of copper as it related to almost all industries globally. In recent months, we saw copper (HG) creating a price base above $2.50 level with a price pattern of higher lows and higher highs. Right now there is a very nice entry opportunity into copper with limited downside risk (Stop loss at 2.50 support), while upside targets start with $3.25-3.30 and longer term target at the $4.50 level.
Below you can view 2 charts: a weekly long term chart showing overall trend and a daily chart showing current trade with support and target price.