LME Copper has recently defended the ascending trend line drawn since 2022 (now at 8860), BBH 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.”