Copper: Pattern Suggests Another Huge Decline Might Be On Horizon
Chris Kimble | Jun 28, 2022 02:56PM ET
It looks like the historic run higher in copper prices may be taking a breather.
While we cannot say that the long-term rally is over, it certainly has put in an intermediate top.
In March, we wrote about this possibility in our article, Is Copper Repeating Historic Double Top Price Pattern?
Well, here we are today, the double-top pattern is breaking down, and copper is on the ropes. Below is an updated monthly chart with some of our thoughts.
Right now, copper is attempting to break down below 15-month support at (1). This could lead to support at 3.30 (prior double top resistance) or potentially as low as 2.02 (prior double bottom support).
This is a monthly chart, so bulls need copper to recover quickly, or else there could be a big decline. Stay tuned.
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