Commodities
Copper Futures Hover Near Key Support Amid Double Top Pattern
Copper futures are experiencing a high-conviction inflection zone as they trade at $6.5475, stuck between key support at $6.490-$6.510 and resistance near $6.600 on the 5-hour chart.
Price action is closely tied to the 200-period moving average at $6.492 and the 38.2% Fibonacci retracement at $6.507, which are forming a crucial support zone.
A developing Double Top pattern is approximately 80% complete, with a neckline test underway that could heighten downside risk if support fails.