If the saying “so goes copper, so goes the global economy” is true, what ole Doc Copper does from current levels will send an important message to global markets.
Copper has spent the majority of the past two decades inside of bullish rising channel (1), as it has created higher lows and higher highs.
Since the 2011 highs, the metal has spent a good deal of time creating lower highs and lower lows.
This downward price action has copper trying to break below its 20-year rising channel.
Copper has created a horizontal support line at the $2.50 level over the past few years.
Doc Copper is once again testing key support this week at (2). What copper does at the $2.50 zone could well send an important message to global markets.
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