Below is a chart of Copper that I ran out of time in the video below to explain what I wanted to go over. From Jan-May this commodity was essential rangebound as marked by the black box and to demonstrate the resistance area of that range I extended the box out until June. You can see that in late May copper bounced right up to resistance and was rejected. Since then it’s traded lower and remains stuck under the $420 level.
Given that copper is a barometer of the health of the economy as long as this remains in a bearish pattern I can’t see the markets improving from a macroeconomic perspective. It’s actually forming a bearish wedge that could break further to the downside in the coming weeks.
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