Copper Pushes Higher Off 18-Year Rising Support
Chris Kimble | Jul 19, 2019 01:38PM ET
Gold and silver have been hot lately! Is Doc Copper about to do the same? It's possible.
This chart looks at copper futures over the past 27 years. The metal has spent the majority of that time inside of rising channel (1).
The decline over the past year has Doc Copper testing 18-year rising support and lows of the past 8 months at (2).
Copper is attempting to rally off of long-term support at (3). As the metal tests the bottom of this support channel, smart money hedgers are making a big bet that copper will rally.
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