Copper: Happy face or pukey face upcoming?

Copper bounces from the 200 day moving average

It’s no surprise that copper is bouncing from the up-trending SMA 200. It would also not be surprising to see it fail where resistance meets the SMA 50 around 4.30. Equally unsurprising would be a break through resistance.

It’s just the nature of the current macro as I have indicators toward liquidity loss and deflation as well as toward renewed inflation trades. It’s summer slack season after all. Why not have some opposing indicators in play before da boyz gits back from day Hamptins?

If copper takes out its August high it gets a new happy face. If not, it doesn’t. Pretty simple.

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