Hi Mongo,
Yes doctor copper is always a good barometer for the health of the global economy..
I also keep a close eye on the price..
But you also need to watch this graph as well..
Inventories in London have now breached 5 year highs and seem to be building..
The bullish candle on the 6 mth copper chart at first appearance seems like lower prices have been rejected, but unfortunately $3.30 was good support over the last 2 years..
Being a chart trader you would appreciate that support is now resistance and all I see is further downside for copper..
Especially considering stockpiles continue to rise..
I would be looking for consolidation around $3.00 - 3.10 and to see if that holds..
In short copper is showing signs of finding support but until there is a move back above $3.30 I would be wary about a long position..
Cheers and good luck
Lute
Hi Mongo,Yes doctor copper is always a good barometer for the...
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