Technical Analysis
We have broken the long-term resistance trend that had been in place for almost 10 years.
RSI is very overbought, but this market has proven overbought can stay overbought for a long period.
In the chart there is 3 potential targets for Copper in the long-term picture.
There are several place to take profits and/or add on pullbacks. (These are the orange segment lines)
Fundamental Analysis
Industrial metals have been rallying strong; and are likely to continue with expected infrastructure investment for 2021 and further.
Copper is also used in Semiconductors, which is the basis of all technology hardware.
Steel is behaving in a very similar fashion, adding to the idea of industrial metals outperforming precious metals.
We have broken the long-term resistance trend that had been in place for almost 10 years.
RSI is very overbought, but this market has proven overbought can stay overbought for a long period.
In the chart there is 3 potential targets for Copper in the long-term picture.
There are several place to take profits and/or add on pullbacks. (These are the orange segment lines)
Fundamental Analysis
Industrial metals have been rallying strong; and are likely to continue with expected infrastructure investment for 2021 and further.
Copper is also used in Semiconductors, which is the basis of all technology hardware.
Steel is behaving in a very similar fashion, adding to the idea of industrial metals outperforming precious metals.
