If copper is still considered a “tell” for the economy, worries are growing.Note that the 146 area has been a “pivot”, that is, is has served a both support and resistance for the past months.Yesterday’s rally and failure to take out the top trend line of the pennant was a bearish sign, and today it broke under the lower line of the pennant, taking out the 146 support level in the process.A 50% retracement of the rally from the December low to this month’s high is at 143.88, and a breach of that could extend the selloff.I’m looking for an opportunity to get shor.

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Daily Copper Chart

Daily Copper Chart


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