coppertube

Copper Nears the Bull Pivot Point

Without superimposing biased views on the situation let’s just note that the copper price is breaking a trend channel line and eyeballing the bull pivot. This is sure to be turning a lot of people bullish but until it makes that higher high and more importantly, holds it and turns it to support, it has not proven the bull case yet from copper’s perspective of a reflationary global macro, anyway.

copper price

NFTRH 610:

“I am not trying to scare anyone with the weekly chart of copper. I am only trying to keep us aware that the good Doctor is at a potential limit point at the top of the downtrend channel with another above at lateral resistance. Clear 2.90 and Doc would be in business.”

Here’s the weekly chart showing the full channel.

copper

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