An engulfing candle whilst oversold and above the 50 sma indicates price may make new lows. Forming on weekly resistance as well as a 61.8 retracement adds more confluence to this trade. I am targeting price to move back to Monthly support which is also a -38.2 retracement.
After exuberant buying on copper these last few weeks the bears have finally taken over which is visually shown on this strong shooting star formation. we could potentially see a bearish move back into weekly support.