Pullbacks to the long-term trendline should present good buying opportunities for copper, says Andy Dodd, Head of Technical Research at Louis Capital Markets.
Dodd’s medium-term target for Copper is 375, which is based on a bullish reversal pattern confirmed in July. However, the rally has recently paused following a Shooting Star candlestick on the weekly chart (see Chart). Dodd expects the uptrend will eventually resume and thinks that any pullbacks towards the long-term trendline will offer good buying opportunities.
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