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Stock Market Trend Forecast Oct - Dec 2019 by Nadeem Walayat

Dr. Copper on Call for Gains

Commodities / Copper Feb 11, 2017 - 03:12 PM GMT

By: Mike_Paulenoff

Commodities

Copper (made a new 18-month high on Friday, breaking out of a 10-month sideways bullish digestion zone that formed atop its 5-year down trendline at 2.48. Copper is poised for upside continuation to 3.00 next.

Let's notice that the strong recovery in Copper has coincided with a powerful upmove in 10-year Yield (lower chart).


Is a breakout in "Dr. Copper" -- often a thermometer for the health of the economy, as copper increases in demand with new buildings and products -- a lead indicator for both the economy and Yield?

If so, then during the next 1-3 weeks, copper should lift off into an 8% advance to $3, and will be "chased" by rising Yield, ironically also to a "3" target, at 3.00%.

Visit our Web page to expand the chart.



Have a great trading week!

By Mike Paulenoff

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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