It's been a couple of tough months for Copper as the metal was unable to go topside of the $3 level and subsequently broke below important support at the $2.84 figure, which precipitated its recent slide down the slippery slope where we now find the Good Dr. attempting to hold its 40-Week (200 DMA) as evidenced in the Weekly chart above.
While the landscape presently finds Copper in shortage as well as seasonality about to change to a favorable posture at the end of June coupled with large Short exposure via investors/traders, we wonder whether Copper can hold the line and perhaps stage a reversal of fortune from these levels ($2.64)?
With the Jury still out and awaiting its verdict, both investors/traders may want to keep a close eye on the metal moving forward for signs/clues for a potential break in either direction.
Nonetheless, Copper finds itself at a key inflection point, which depending on which way she decides to break (Higher or Lower) will set the tone in the weeks ahead.
While the landscape presently finds Copper in shortage as well as seasonality about to change to a favorable posture at the end of June coupled with large Short exposure via investors/traders, we wonder whether Copper can hold the line and perhaps stage a reversal of fortune from these levels ($2.64)?
With the Jury still out and awaiting its verdict, both investors/traders may want to keep a close eye on the metal moving forward for signs/clues for a potential break in either direction.
Nonetheless, Copper finds itself at a key inflection point, which depending on which way she decides to break (Higher or Lower) will set the tone in the weeks ahead.
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We are not financial advisors. Always conduct your own research and read our full disclaimer at insiderfinancial.com/disclaimer/
We are not financial advisors. Always conduct your own research and read our full disclaimer at insiderfinancial.com/disclaimer/