(Before It's News)
The copper price has been boosted by promises that US president elect Donald Trump will spend one trillion dollars on infrastructure, but it is probably time for the price to consolidate according to technical analyst Zak Mir.
In a Tip TV segment for Proactive Investors, the technical analyst notes that the copper price had hit the top of a rising trend channel, in the daily chart, and he says it looks as though there’ll be a consolidation in the price towards the US$2.30 to US$2.40 per pound level.
“Then hopefully the metal will bounce again,” he added.
“The reason for optimism is that all the near term moving averages are currently rising very sharply, so as long as we hold above the 2.30 to 2.40 zone one would expect a continued recovery.”
Story by ProactiveInvestors