Updating Copper’s pullback

The copper price looks for the SMA 200

Copper is losing its orderly flag/channel and if that holds true, it looks like the daily SMA 200 and a test of the major uptrend could be upcoming. There is minor lateral support in that area as well. It did tick a short-term support area (not drawn in) today. If today’s low gets taken out the SMA 200 would be up next.

copper price

The weekly chart advises the good doctor to hold there or the next stop would be a test of the major cyclical bull market breakout around 3.30. That seems extreme. But what are these over-stimulated markets if not extreme? It’s low probability, but in Wonderland anything goes.

For “best of breed” top down analysis of all major markets, subscribe to NFTRH Premium, which includes an in-depth weekly market report, detailed interim market updates and NFTRH+ dynamic updates and chart/trade setup ideas. You can also keep up to date with actionable public content at NFTRH.com by using the email form on the right sidebar. Follow via Twitter @NFTRHgt.