Why Copper Is On The Verge Of A Big Move
2022.06.08 17:00
It seems the metals arena may be nearing a more significant move.
Earlier this week, we talked about on the precious metal silver, and now we will turn our attention to the industrial metal copper.
Today’s chart is a long-term monthly chart of copper, highlighting why we may be at a crucial juncture.
As you can see in the chart below, copper has produced a couple of double tops at each (1) and some considerable bounces after hitting price support (green line).
Copper Monthly Chart
Right now, copper is testing resistance. Whether the two longer wicks will produce a double top or whether this is part of a bullish consolidation construct between $4 and $5 is still in question.
If it’s a double top, copper could see a significant decline. But if it’s a bullish consolidation, technically, copper could be headed to the 1.618 Fibonacci extension up, near $7.
This is shaping up to be another critical metals situation. Which way will copper break? Stay tuned!
