Many analysts find charting Copper Prices helpful for assessing the strength of the broader economy. After all, if demand for copper is increasing, a major reason could be that construction activity is increasing, which signals a strengthening economy.
Copper prices are coming into an interesting confluence on the Monthly Chart. Let’s draw a large-scale Fibonacci Grid and also note the EMA structure on Copper’s Monthly Chart.
A lot of analysts have been watching copper for signs of life that might signal an early recovery is in the works. Let’s look at Copper’s Weekly and Daily chart for clues. Last week, I posted the ambitious post “Copper Comes into Confluence Resistance,” and price fulfilled my expectations for a downswing off the confluence…
Talk about stopping a market dead in its tracks – Copper prices have reached a target area of confluence resistance that offers a favorable risk/reward ratio if the resistance holds. Let’s these forms of resistance and what they might mean. Copper Prices Daily: There’s more to see on the Daily chart at the moment. We…
A couple of readers have asked me to take a look at Copper prices, which have been tracing out a similar pattern to Crude Oil. Let’s take a quick look at the Weekly and Daily charts of Copper, which includes as massive Rounded Reversal and recent Cradle Trade. Copper Weekly: Just like many other commodities,…
A reader asked me yesterday to look at a potential ascending triangle on the 3-year chart of copper and indeed that is the dominant structure of Copper prices and it’s definitely worth a second look. Let’s take a look at the compressed weekly chart of Copper prices (Symbol $COPPER in StockCharts.com): Ascending triangles are consolidation…