Copper is amongst a number of commodities with elevated costs proper now.
It has additionally fashioned an vital value sample which will ship one of many strongest macro messages in years.
As we speak, we take a look at a long-term “month-to-month” chart of Copper. As you possibly can see, within the months/years main as much as the Monetary Disaster good ole Doc Copper fashioned a double high sample that result in a 50%+ decline. It then repeated that sample once more in 2011-2012 earlier than falling 50%+ once more. In each circumstances, this signaled an financial system in recession or stagnation.
As soon as once more, we are able to see that copper has fashioned a possible double high sample. Bulls don’t need to see costs proceed to fall from right here. A reversal would ship yet one more sign that the financial system is stagnating.
Nevertheless, ought to Doc copper keep away from a reversal right here and proceed greater, it might carry BIG upside. That is clearly an vital level for Copper costs. Keep tuned!
