coppertube

The Good Doctor’s Scrip is Not Yet Filled

Doctor Copper’s daily chart situation got pretty hysterical, all the way up to the round number resistance at $3/lb.

copper

As you can see on the weekly chart, that round number also includes several longer-term touch points of resistance.

copper

And the monthly chart gives perspective on the trend line that Doc has thus far failed to take out. As such, nothing has yet occurred that would imply much more than a post-crash bounce, a renewal of Doc’s spirits and by extension the spirits of reflationary market participants. A bull market is not indicated unless the 2017-2018 highs above 3.30 are taken out.

copper

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