Courtesy of Chris Kimble.
Is Doc Copper of late suggesting the economy is about to slow down? Possible!
Copper futures have remained in a trading range since last summer, with resistance around $2.95 and support near $2.60.
Over the past couple of months, Doc Copper has traded sideways near the top of this trading range at (1).
The past couple of weeks Doc Copper has declined in price, taking it below short-term rising support as lofty momentum is attempting to turn down.
A break of support this week opens the possibility that Copper could head back towards the bottom of the range. If it does fall to the bottom of the range (-10% decline) odds increase ole Doc Copper is suggesting a slight slowdown in the economy.
Keep a close eye on Copper futures to see if they starting heading towards the bottom of the range at (2).
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