Copper lurched higher today and like the stock market, eased its enthusiasm a bit into the close. Click for a better view. I think you can sort of tell the key area, eh?
If not, here’s one of the charts from NFTRH 540. It’ obvious where copper needs to go to indicate positive things and where it needs to stay in order not to.
The copper thing got kicked off by Mark’s tweet on Friday. Check it out, as it’s got a bunch of metal heads chiming in as well.
Now, the charts above are just charts and resistance is made to be broken. Furthering that notion is the heavily drained copper LME warehouse stock. This at face value is bullish for the copper price.
Unless of course there really is something to the GDPNow cliff dive noted in the previous post and several other negative economic indicators. But wait, let’s go digging a little. I’ll be right back.
Okay, I am back. GDPN is popping now per this Atlanta Fed release hot off the press just today. So that’s something. Let’s see what the red Economics Ph.D. metal has to say in the coming days and weeks.
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