Dr Copper .. rev s-h-s targets $400 to catch up with S+P
On it own, copper is near completion of a rev s-h-s targeting $400 area, and that may be enough technical justification to go long here, hoping for the imminent break out.
Look at it vs S+P and you see there is already a lot more optimism building in the (US) equity markets and I guess that makes sense, as China is facing great difficulties and Europe is equally challenged by extreme energy prices and geo political instability. Obviously, thanks to President Biden, we are seeing the US pass hugely important legislation on energy use transition.
I would say, prices are there to be respected and copper is certainly testing the last of the eco-Bears out there.
Maybe give it a few more $ to the upside to see that neck line breaking for confirmation. Incomplete s-h-s are typically quite treacherous but it seems to me there is good fundamentals behind this too.
Look at it vs S+P and you see there is already a lot more optimism building in the (US) equity markets and I guess that makes sense, as China is facing great difficulties and Europe is equally challenged by extreme energy prices and geo political instability. Obviously, thanks to President Biden, we are seeing the US pass hugely important legislation on energy use transition.
I would say, prices are there to be respected and copper is certainly testing the last of the eco-Bears out there.
Maybe give it a few more $ to the upside to see that neck line breaking for confirmation. Incomplete s-h-s are typically quite treacherous but it seems to me there is good fundamentals behind this too.