{"id":3119,"date":"2021-02-01T08:48:00","date_gmt":"2021-02-01T08:48:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=3119"},"modified":"2021-02-02T09:29:15","modified_gmt":"2021-02-02T09:29:15","slug":"copper-technical-analysis-perfect-head-and-shoulders-pattern","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/copper-technical-analysis-perfect-head-and-shoulders-pattern\/","title":{"rendered":"Copper Technical Analysis &#8211; Perfect head and shoulders pattern"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3119\" class=\"elementor elementor-3119\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6e49a7a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6e49a7a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9b6fec5\" data-id=\"9b6fec5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e4047a2 elementor-widget elementor-widget-text-editor\" data-id=\"e4047a2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3mDrHgr\" target=\"_blank\" rel=\"noopener\">Copper<\/a> eroded its 2021 trading gains last week as fears over a new variant of the COVID-19 virus spreading across the globe, and a potential delay in the rolling out of the proposal $1.9 stimulus package from the Biden administration also weighed on copper prices as the spending bill faced opposition in US Congress.<\/p><p>The red metal had been on price surge towards multi-year highs prior to the pullback, as copper prices rose towards $3.70 within the first week of January 20201. Copper has notably been diverging with the price of the two most popular metals recently, namely <a href=\"http:\/\/bit.ly\/2ZsFzPL\" target=\"_blank\" rel=\"noopener\">gold<\/a> and <a href=\"http:\/\/bit.ly\/319C7df\" target=\"_blank\" rel=\"noopener\">silver<\/a>.<\/p><p>Copper mining stocks also took a big hit last week. Fears about copper prices losing gains, as global slowdown and global demand worries in the first quarter of 2021 weighed on Quantum Mineral and <a href=\"https:\/\/bit.ly\/3cvJogA\" target=\"_blank\" rel=\"noopener\">Freeport-McMoRan<\/a>.<\/p><p>Many analysts are speculating that the copper market will remain tight over the medium-term as new supply will be delayed due to restrictions on the industry from COVID-19, such as suspensions of new and existing mining projects.<\/p><p>In terms of long-term demand for copper, analysts believe that infrastructure from China, Japan, and other developed economies will help underpin demand. Additionally, US economic recovery plans should also support the price of copper.<\/p><p>Something else to watch is speculation. Silver prices are currently rising due to market speculation, and the current Main Street versus <a href=\"https:\/\/bit.ly\/3aAQFuu\" target=\"_blank\" rel=\"noopener\">Wall Street<\/a> battle, which began with GameStop continues to rage on. If gold starts to rise alongside silver, speculators may then target copper.<\/p><p>It must be said that copper is more driven by the demand and supply side. China\u2019s economy plays a huge role in determining the price of copper, given the huge amount of infrastructure and development projects the government has been undertaking over recent decades, and continue to do so.<\/p><p>In terms of technicals, copper does look vulnerable to further pullbacks in the near-term. The lower time frame chart in particular shows the prospect for further weakness in the days ahead.<\/p><p><strong>Copper Sentiment Analysis<\/strong><\/p><p>Market sentiment data on the ActivTrader platform currently shows that some 72 percent of traders are bearish towards copper right now. This should concern bears as potentially too many traders are expecting a price drop.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-812dbb3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"812dbb3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2367e03\" data-id=\"2367e03\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1978477 elementor-widget elementor-widget-image\" data-id=\"1978477\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"292\" height=\"97\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/02\/copper-march.png\" class=\"attachment-large size-large wp-image-3143\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7f8ee2c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7f8ee2c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8984973\" data-id=\"8984973\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5435154 elementor-widget elementor-widget-text-editor\" data-id=\"5435154\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Something to watch out for is how sentiment is positioned if price starts to drop and then recovers. If retail traders remain negative towards copper when price rises, a major short squeeze could be in the making.<\/p><p>Market sentiment can be a great tool to incorporate into your trading, especially when the crowd is leaning heavily in one direction, and the price is moving in the other direction.<\/p><p><strong>Copper Technical Analysis<\/strong><\/p><p>Lower time frame analysis shows that a bearish head and shoulders pattern is complete, meaning that copper could be set to drop anytime. Weakness under the $3.50 level is currently required to activated the bearish pattern.<\/p><p>According to the overall size of the pattern, copper could drop by around $0.25 cents, and fall towards the $3.25 level. If the pattern is invalidated, and bulls move price above the $3.75 level, then a short squeeze towards $4.00 could occur.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c36fbdd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c36fbdd\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b51f273\" data-id=\"b51f273\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b60af58 elementor-widget elementor-widget-image\" data-id=\"b60af58\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"299\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/02\/coppermar-1h.png\" class=\"attachment-large size-large wp-image-3144\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-17f80fb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"17f80fb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2847115\" data-id=\"2847115\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2c3d2c2 elementor-widget elementor-widget-text-editor\" data-id=\"2c3d2c2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Source by ActivTrader.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-440d525 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"440d525\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4151449\" data-id=\"4151449\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c505958 elementor-widget elementor-widget-text-editor\" data-id=\"c505958\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Traders should also note that a large, inverted head and shoulders pattern on the daily time frame has yet to fully play out. According to the overall size of the pattern, a rally towards the $3.90 to $4.00 benchmark level could still be forthcoming.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bf4976f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bf4976f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d5efa60\" data-id=\"d5efa60\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-880a97c elementor-widget elementor-widget-image\" data-id=\"880a97c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"302\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/02\/coppermar-1d.png\" class=\"attachment-large size-large wp-image-3145\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bcec15f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bcec15f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ffc7ebe\" data-id=\"ffc7ebe\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0266fe8 elementor-widget elementor-widget-text-editor\" data-id=\"0266fe8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Source by ActivTrader.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-23561ed elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"23561ed\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b2d0335\" data-id=\"b2d0335\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-62c245e elementor-widget elementor-widget-text-editor\" data-id=\"62c245e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>On the daily time frame the 20-day moving average is offering strong support and have been instrumental in holding price dips since November. A loss of the 20-day MA, around the $350.00 area could cause heavy technical selling towards $335.00.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Copper eroded its 2021 trading gains last week as fears over a new variant of the COVID-19 virus spreading across the globe, and a potential delay in the rolling out of the proposal $1.9 stimulus package from the Biden administration also weighed on copper prices as the spending bill faced opposition in US Congress. The [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3120,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,9],"tags":[109,45,248,28,247,49],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Copper Technical Analysis - Perfect head and shoulders pattern - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/copper-technical-analysis-perfect-head-and-shoulders-pattern\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Copper Technical Analysis - Perfect head and shoulders pattern\" \/>\n<meta property=\"og:description\" content=\"Copper eroded its 2021 trading gains last week as fears over a new variant of the COVID-19 virus spreading across the globe, and a potential delay in the rolling out of the proposal $1.9 stimulus package from the Biden administration also weighed on copper prices as the spending bill faced opposition in US Congress.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/copper-technical-analysis-perfect-head-and-shoulders-pattern\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-01T08:48:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-02T09:29:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/02\/GettyImages-521189686.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"510\" \/>\n\t<meta property=\"og:image:height\" content=\"288\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Copper Technical Analysis - Perfect head and shoulders pattern\" \/>\n<meta name=\"twitter:description\" content=\"Copper eroded its 2021 trading gains last week as fears over a new variant of the COVID-19 virus spreading across the globe, and a potential delay in the rolling out of the proposal $1.9 stimulus package from the Biden administration also weighed on copper prices as the spending bill faced opposition in US Congress.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/copper-technical-analysis-perfect-head-and-shoulders-pattern\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/copper-technical-analysis-perfect-head-and-shoulders-pattern\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"Copper Technical Analysis &#8211; 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