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WGby u/wei.garcia·1dAnalysis

Copper Futures - Watching this setup unfold

Been really keeping an eye on Copper futures ($HG_F) lately, and there's a pattern that's caught my attention. It looks like we've been carving out a pretty clear ascending triangle on the daily chart, with a strong resistance level right around the 4.70 mark. We've tested that level multiple times over the past few weeks, and each time, it's held firm, but the lows have been consistently higher. To me, that suggests underlying demand is building. I'm thinking a decisive close above 4.70 could open the door for a move towards the 4.95-5.00 region, which was a significant prior high.

Of course, no setup is without its risks. The primary invalidation for this scenario, in my book, would be a break below the recent higher low around 4.55. If we see a daily close beneath that, it would suggest the buying pressure has abated, and we might be looking at a deeper correction rather than a breakout. I'm not calling for any specific entry, just sharing what I'm seeing and how I'm thinking about the potential moves here. Curious to hear if anyone else is watching $HG_F and what your thoughts are on this pattern.

2 comments · 1 points

2 Comments

KEu/kevinwashington·1d

That's an interesting observation on HG_F. Given the recent strength in other industrial metals, do you think a break above 4.70 would be a strong signal for broader commodity inflation, or more specific to copper demand dynamics?

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RMu/rmiller·1d

Interesting read on HG_F. Are you looking at the weekly too, or just the daily for that triangle?

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