Copper: Expect Higher Prices

Below, we see annual copper from 1890. Note that the momentum oscillator is oversold and is turning up at a higher low than the last low, a constructive development.

Monthly price is overbought, but this is not a great concern due to the annual momentum situation. Note in the monthly histogram that the current month has been seasonally strong. In March, price has risen in 60% of all cases for an average 2% gain. The April, May, June months have individually closed on the upside less than 50% of the time. The monthly dynamic cycle dips from April through mid-May so a correction back to $3.80-$3.90 is possible. But the longer bull market remains intact.

All retracement levels have been surpassed, so new highs past $4.50 are likely likely in the summer.

Annual Copper from 1890

Monthly Copper

Monthly Histogram for Copper

Blue: Average Percentage Change

Red: Probability of a rise on that day

Green: Expected Return (Product of the first 2)

 

 

 

Source link

Related Articles

[td_block_social_counter facebook="tagdiv" twitter="tagdivofficial" youtube="tagdiv" style="style8 td-social-boxed td-social-font-icons" tdc_css="eyJhbGwiOnsibWFyZ2luLWJvdHRvbSI6IjM4IiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3Njh9" custom_title="Stay Connected" block_template_id="td_block_template_8" f_header_font_family="712" f_header_font_transform="uppercase" f_header_font_weight="500" f_header_font_size="17" border_color="#dd3333"]

Latest Articles