Chart of the Day - Monday, August 12th 2019

Today's Chart of the Day was shared in a research note by Jeffery Huge of Alpha Insights (@Alpha_Insights). It's a weekly bar chart of Copper Futures over the past three years. The chart highlights the bearish Head & Shoulders pattern that's formed. Confirmation of this pattern occurs when price breaks below the red horizontal line known as the "neckline." As you can see, Copper has already broken below the neckline and looks to be headed lower. Copper is often used as a leading economic indicator because of its various industrial applications. This is one chart that traders and investors are watching closely right now because further weakness from this metal would be an early warning sign that global growth is slowing.