Copper often sends important messages to the global economy reflecting growth or lack thereof. An important price test is currently in play for Ole Doc Copper!
The metal's long-term trend remains up, as it has created a series of higher lows for the past 18 years along line (1). Over the past few months, copper could be creating a double bottom just above this long-term rising support line at (2).
The small rally of late has copper testing the top of its 6-month trading range at (3).
Can ole Doc Copper hurdle this important breakout level? Keep a close eye on copper at (3), as it could be about to send an important message to many markets by what it does at this key price point.
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