Bullish on copper with the current confluence of news -
Goldman called copper the new oil due to its links to the green energy sector and gave a very bullish price forecast citing a potential future shortage due to "demand increasing 900% by 2030"
Coinciding with this was the mining strike in Chile - first the rumblings of a strike then the actual strike itself. Chile produces roughly 25% of the World's Copper.
Currently we are in a bullish channel on the daily chart and I expect we could see a bounce off the upper trendline, especially if positive news from Chile breaks at the same time as the price reaching this area.
Goldman called copper the new oil due to its links to the green energy sector and gave a very bullish price forecast citing a potential future shortage due to "demand increasing 900% by 2030"
Coinciding with this was the mining strike in Chile - first the rumblings of a strike then the actual strike itself. Chile produces roughly 25% of the World's Copper.
Currently we are in a bullish channel on the daily chart and I expect we could see a bounce off the upper trendline, especially if positive news from Chile breaks at the same time as the price reaching this area.
Nota
Copper (and Corn futures) broke the intra-day channel heading to the secondary intraday support of ~4.390, rebounding at a psychological support of 4.45.Not sure what caused the big dip just prior to the US equity market opening (SPX / SPY also dumped on open) answers on a post card please?
My bias is still big time bullish due to the reasons in my original (shorthand) DD above. Please let me know your thoughts
Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.