What Is Dr. Copper Saying About Global Markets?
Candy Matheson | Aug 16, 2019 02:38PM ET
The following monthly chart for copper shows that price is hovering above the apex of a very large long-term triangle.
Since early 2018, it hasn't been able to break out above the upper edge of this triangle, confirming the weakness that we've been seeing in global markets to date. My last article summarizes this weakness in a nutshell.
I've shown the Rate-of-Change (ROC) and Average True Range (ATR) indicators in histogram format with an input value of one period. I'd watch for a series of larger spikes on each to signal either serious and sustained buying or a plunge to further lows (as another gauge to track global market strength/weakness).
Otherwise, continued smaller spikes would accompany more range-bound, tepid trading in , as well as global markets in general.
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