Stock chart patterns and technical analysis (TA) explained simply. Disclaimer: This blog and all its contents are for educational and entertainment purposes only. Do not trade or invest based on any information seen on this blog. Please read Terms of Service. The K E Stone blog sites (Keybot the Quant) are blacklisted by Google, so enjoy the ad-free experience, and only use the Donate button when supporting the sites.
Copper price is running parabolic. The 3-week rally is from 2.08 to the high at 2.73, a huge +31% gain. Last week was up +11% and up about +20% at that intraweek high. Investors are in a tizzy that Trump will spend billions on infrastructure so folks are playing copper as a winner. Interestingly, however, global copper supplies remain robust and the auto and housing sectors (the two top users of copper) remain sluggish. The blue sideways symmetrical triangle was in play all this year and price breaks out to the upside from 2.18. The vertical side is about 0.47 (2.40-1.93) so 2.65 is the target (2.18+0.47) and price already tagged this level satisfying the pattern. Price filled the gap at 2.62. The upper band is violated so a move back to the middle band at 2.18, and rising, is on the table. Price may remain sticky in the 2.55-2.75 range for this month. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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