COPPER – Weekly Chart. An update on the red metal as it comes up to meet resistance at the 200-week moving average. The 200-week is sloping down but starting to level out some. We think a big breakout is in the works on COPPER and have been buying positions on weakness.
As noted previously, we see a ‘W’ continuation pattern in the works on the red metal. Ideally the 2nd low should be lower than the 1st low to provide the ‘shakeout’ needed before a rally. The essence of the ‘W’ pattern is still evident, nonetheless.
Copper is the third most traded metal in the world and is used in a wide range of industries and is the third most widely traded metal in the world. From construction and building industries, the auto sector, and the military, copper is an essential commodity. At Trading Room we provide frequent copper analysis and chart patterns, and actively trade the commodity ourselves.
Here’s the Weekly Chart. More analysis and plenty of copper charts can be found on here on the site.
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