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Copper Begins to Stir, and Needs to be Watched for Clues About Improving Health of the Chinese Economy in Particular, and Potentially the Commodity Markets as Well...


Yes, Copper has been a disastrous commodity, largely because it is closely linked to the health of the Chinese economy.

Let's notice on the enclosed daily chart that Copper has been in a period of relative stability between 2.00 and 2.25 for the past 10 months, which represents either a sideways, bearish continuation pattern within the confines of the dominant intermediate-term bear trend-- ahead of another downleg, or a multi-month base formation that will challenge key resistance at 2.27-2.32 and break out to the upside into a powerful recovery rally.

It is interesting that 10-year YIELD has climbed above its 2016 resistance line at 1.62%, perhaps reflecting growing perceptions that the U.S. economy and the Chinese economy are in better condition than most people realize, which also is reflected in the lift in Copper prices.

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