This morning the copper price has ticked a new recovery high after successfully testing the 50 day moving average. It has tentatively poked through the round number resistance at 3.
Additionally, this represents another stab through the trend line from 2011. This is tentative, but since it is a second attempt and has touched a higher high on the daily chart above it is constructive. As a reminder, we’d call a new copper bull market if it takes out the 2017 high at 3.32.
