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Copper Counter-Trend Rally Could Peak

By Chris KimbleCommoditiesMay 22, 2020 03:46PM ET
xhaszzx.com/analysis/copper-countertrend-rally-could-peak-200525495
Copper Counter-Trend Rally Could Peak
By Chris Kimble   |  May 22, 2020 03:46PM ET
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Could old Doc Copper be sending an important message about the overall health of the global economy and the stock market in the next couple of weeks? It appears it could!

This chart looks at Copper Futures on a weekly basis over the past  seven years. Doc Copper looks to have double topped in late 2017 and early 2018. After the double top, copper has continued to create a series of lower highs, which sends a bearish divergence message to stocks.

Numerous highs and lows have taken place along the line (1) over the past  five years. The rally off the March lows has Doc Copper testing the underside of line (1) and its 50% Fibonacci retracement at (2) this week. While testing the underside of resistance, it is attempting to create a weekly bearish reversal pattern.

Commodity and stock market bulls would receive a positive message if Doc Copper can break above dual resistance at (2).

If Doc Copper finishes the week with a bearish reversal pattern and then it proceeds to break rising support at (3), it would send a negative message to the prospects of a global rebound in commodities and stocks!

Copper Counter-Trend Rally Could Peak
 
Copper Counter-Trend Rally Could Peak

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Comments (3)
Dizzle TheRizzle
Dizzle TheRizzle May 23, 2020 12:47PM ET
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Everything is sending a negative message every indicator of the downside is going off or has gone off.. but then the fed comes in and says no no no and then we have an equities rally.
ady Lau
ady Lau May 23, 2020 12:47PM ET
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indeed
Vel Murugan
Vel Murugan May 23, 2020 12:46PM ET
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copper level sir
John Cerniuk
John Cerniuk May 22, 2020 9:28PM ET
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agreed 👍
 
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