The copper price continues to bounce within its daily chart downtrend
Markets cycle slowly. Charts evolve slowly.
The chart of the copper price shows a ‘double bottom’ bounce taking place, conveniently right smack dab in the midst of traditional party season (cue Wayne, Garth, algos, black boxes and millions of casino patrons with a TeeVee cartoon out front cheerleading).
Doctor Copper is again eyeballing the downtrending SMA 200. There’s been a lot of ‘China restocking’ stuff in the media and in the copper/commodity/inflation pump-o-sphere, but as yet the copper price has not made a decision between maintaining the existing (down) trend or busting it.
My wager? That the copper price dings $3/lb. in 2023 and if a global recession ensues, lower than that.
For “best of breed” top down analysis of all major markets, subscribe to NFTRH Premium, which includes an in-depth weekly market report, detailed market updates and NFTRH+ dynamic updates and chart/trade setup ideas. Subscribe by Credit Card or PayPal using a link on the right sidebar (if using a mobile device you may need to scroll down) or see all options and more info. Keep up to date with actionable public content at NFTRH.com by using the email form on the right sidebar. Follow via Twitter@NFTRHgt.
