Copper is Taking A Power Nap

Dr. Copper, the Working Class Metal, Barometer of the Economy, whatever your label, Copper is the key to the market for many. The daily chart below shows the breakout of the symmetrical triangle coming in the middle of the equity run higher and with a target of 4.19. It is consolidating now in a bull flag half way through that move and just below the resistance from May and August

lows. The flag is complimented by a Relative Strength Index (RSI) that is bullish, a Moving Average Convergence Divergence (MACD) indicator that is positive and growing and a perfect flag volume pattern. Moving to the weekly chart below shows the continued attraction to the Median Line of the bullish (green) Andrew’s Pitchfork and the Upper Median Line of the bearish (orange) Pitchfork. It also has supportive indicators with a MACD that is positive and growing and a RSI that is moving higher. This view surely supports the view that Copper is just taking a Power Nap before getting back to work.

This view surely supports the view that Copper is just taking a Power Nap before getting back to work.

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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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