Copper Bulls Set For A New All-Time High
Bulls are in charge and as such, it warrant a bullish analogue that support the mainstream theory that a new all-time high (ATH) is a matter of when and not if.
If this bullish analogue continue to play out and assuming that the price action resembles the November 2010, we can then deduce that LME copper price may not be able to produce a sizeable pullback at all in May.
Instead, the bullish analogue is suggesting that we have a run towards the 2022 (ATH) first and then a shallow pullback in May, but with a firm monthly close above $10,000 per tonne.
Going into June, it will be a continuation of the bullish momentum which takes copper to a new record all-time high by August and/or tag the upper blue channel which is around $12,000 per tonne.
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We are merely sharing what we see is as the path of least resistance. Nothing here should be construed as trading advice. Very often after we post something, the market gods have other ideas and decided to mark a long-term top. Not saying that this the case every time we post but just an observation.
Base Metals Research Analyst - Aluminium
10 个月Even though it's a very bullish post, I must warn that price action is king and can change narrative. For now, the path of least resistance is to the upside unless some key support fails.