Chart of the Day: Dr. Copper broke through its support at 4.10 and is below 4.00 for the first time since early December.   Lots of flakes in this chart as head and shoulder patterns are ubiquitous.   Copper is a very crowded trade and some big players have bet the ranch.  Unless we get an intraday reversal in the Doctor, it looks like the next stop is 3.60.  Maybe it’s time to start channeling our inner Jim Chanos or rather our margin clerk?

(click here if chart is not observable)


Category: Commodities, Technical Analysis, Think Tank

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3 Responses to “Dr. Copper Falls Through the Ice”

  1. macrotrader603 says:

    BR , agreed. Using a simple 20/100 MA cross signalled Copper as a short in some systems.

    Palladium has the same pattern. Both are in downtrends currently.

  2. Not sure Niall Ferguson was looking to make such a great short-term call, but looks like his April 24 advice to unload Copper (and commodities in general) was beautifully timed:

  3. JimmyDean says:

    also broke its 200 sdma today, not good.