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I wrote several updates on Copper. This one is another update on Copper’s strong downtrend. While it has been a volatile price movement, especially the sharp pull back towards 3 levels, copper respected all the strong technical levels. Following its pull back, industrial metal resumed its downtrend. Now price is breaking below January lows (2.40) […]
Over the past two decades Copper underperformed Gold during turbulent times in the financial markets. Ratio between Copper and Gold declined sharply during 2000-2003 and 2007-2009 periods. Latest breakdown from the consolidation range can result in further underperformance for Copper. This is a powerful long-term chart with a strong message.
Once again copper is at that critical support. The more price tests an important support level the higher the probability of it breaking down. This is the case on copper price chart. 3 levels have been tested several times over the past 3 years. Commodities have been weak but copper held well above major support. […]
Industrial metals continue to remain weak. Charts warn of a slowdown in global growth. Copper, usually regarded as Dr. Copper due to its leading indicator role for economic growth, is warning us of a possible breakdown and a correction. Chart patterns are result of human interaction. Forces of greed and fear meet in the market […]
Both metals avoided sharp sell-offs by holding above critical support levels. Silver tested the strong support area between 18.3 and 18.8 for the 3rd time over the past year. Copper managed to hold above 3 levels which acted as strong support since 2012. Copper and Silver can rebound towards their long-term averages. 200-day average for […]
Both Palladium and Copper have industrial use. Yet one has clearly outperformed the other over the past four years. Charts suggest the latest strength in Palladium and weakness in Copper could continue. 10 year weekly correlation between Palladium and Copper has been positive 0.4869. Last week Palladium broke out of its year-long sideways consolidation pattern. […]
Some quick thoughts I just shared on twitter. Charts are valuable. Notes on these: 1) 10 Year U.S. yields are climbing higher. Now very close to strong 7 year-long trend resistance. Breakout above 3.0 levels could be a “game changer”. 2) Nikkei 225 has strong long-term resistance at 16,000 levels. As it approaches to that […]
Copper prices might be forming a medium-term base at these levels. Confirmation of the base formation will be a decisive breakout above 3.4 levels. Chart pattern suggests an inverted head and shoulder might be close to completion once price clears 3.4 levels. MACD is trying to reverse from 0 levels (bullish) and price is challenging the 200 day […]
Copper prices might be forming a medium-term base above 3 levels. 3 level acted as strong support and it was tested for 3 times over the past two years. Inverted head and shoulder chart pattern has a trend resistance (neckline) at 3.4 levels. Breakout above this level will clear the neckline and the 200 day moving average. Such […]
Equities are testing new high levels. Currencies are volatile, especially after the latest sharp movements on JPY, GBP and EUR. Gold is testing a major support level. Commodities are lagging… and Dr. Copper is telling us the other side of the story. A year-long symmetrical triangle is close to completion. Breakdown from this symmetrical triangle can […]
