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.
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