Copper: A Bullish Sign for This Beaten-Down Commodity

Last month, I told you about the ugliest chart in the market.

 

Copper was sitting precariously close to an important long-term support level. If it broke down, I said it could lead to a sharp decline.

 

That's exactly what happened.

 

The price of the metal has fallen 13% so far this year.

 

But now, the "ugliest chart in the market" is starting to look a little better...

 

Take a look at this updated weekly chart of copper...

 

 

As I said, the price of copper has fallen 13% so far this year. And looking just at this weekly chart, the metal could fall further from here before hitting support at about $2.20 per pound. (more)

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