Copper price forms of an Inverse Head and Shoulders – Societe Generale

LME Copper has recently defended the ascending trend line drawn since 2022 (now at 8860), Societe Generale’s analysts report.

The Head and Shoulder pattern points towards potential upside

“It has formed a small base in the form of an Inverse Head and Shoulders. The pattern generally points towards potential upside. A bounce towards the neckline at 9350 can’t be ruled out; this is an important resistance. A move beyond 9350 will confirm the pattern and indicate possibility of a short-term up move. Defence of the trend line at 8860 is crucial to avert extended decline.”