The copper price is testing daily chart support
It’s not just copper that is calling the inflation-fueled reflation view to task. Long-term yields and ‘inflation expectations’ gauges are as well. All this after the government’s pork barrel of spending budged my 60% lean inflationary to a mushy 60 to 70% lean.
But the contrarian view is for the damn inflation to fail despite the ‘INFLATION!!!’ that everybody knows about. So we keep weighing and analyzing the prospects of its continuation or termination. There are other indicators in play, with the most notable being the Gold/Silver ratio, which looks like it has based.
Preamble aside, here’s Doctor Copper’s unfilled daily chart prescription. We noted a breakdown, then a NOT breakdown and now we note the copper price settling back to the SMA 50 and the short-term lateral support of the February high. RSI is positive and testing its EMA 20 and MACD is also positive.
An important juncture for the reflating world I’d say.
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