Copper: Pattern nerds vs. trend followers

Copper is in a bearish daily chart pattern but maintains its major uptrend

Copper’s major daily chart trend, the SMA 200 is pointing upward with the copper price still above it. It’s bullish until a loss of trend proves otherwise.

However, pattern nerds to attention… there’s a potential H&S topping pattern that made a move away from potential to actual today with the stab below the neckline.

So who wins? I don’t know but I don’t plan to get caught guessing at this time. One thing I’ll say is that patterns fail all the time and a trend is a trend until it is no longer a trend. Helpful, eh?

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