Clive P. Maund

Copper looks ready for its next big runup which could be massive. It has been performing very well indeed technically as we can see on its latest 6-month chart below. We turned bullish on it a little early a few weeks back at the time when it was at the Left Shoulder low of what has turned out to be a fine small Head-and-Shoulders bottom – after such a heavy correction it was entitled to spend some time time forming an intermediate reversal pattern. That it has done and as we can see on the chart it is now complete – and according to Bloomberg this morning copper is now starting to break out, both from the H&S bottom and from the corrective downtrend which at this point are coincident.

THIS THEREFORE IS A GOOD POINT TO BUY COPPER AND ALL THINGS COPPER.

Posted at 8.45 am EDT on 26th August 24.