Copper

Copper has been forming a big multi-year bearish head and shoulder. If this pattern continues, it provides a bearish outlook for global industries as its one of the most widely used base metals, particularly property and infrastructure. To negate this ugly trend, it has to clear its right shoulder’s falling trend line. Look for it to break US$360-370/lb. RSI is forming a converging flag pattern, but short term copper looks positive thru Thanksgiving.

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