zerohedge.com / Via Dana Lyon’s Tumblr / Nov 16, 2016 11:36 AM
Copper prices have been red-hot, but the rally may encounter some challenges here.
Of the myriad of markets to scream higher in the week since the presidential election, one of the more high profile rallies has been that of copper. In fact, like most of the industrial metal complex, copper actually started moving a couple weeks prior to the election. So, as happens so often, the industrial metals (i.e., those folks buying them) seemed to discount the improbable election of Donald Trump well ahead of time.
Then again, perhaps the rally had nothing to do with the election. Either way, it does not matter to us. All that matters is what is happening. And what is happening right now is a potentially stiff challenge to the immediate continuation of the copper rally. We make this suggestion for a couple reasons.
First of all, there is price. Using the S&P GSCI Cooper Index (currently at 394), the price of copper is presently testing the following potential resistance levels:
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