Copper prices continue to fall as pockets of the global economy continue to slow and deflation concerns have risen. I recently posted about the importance of Copper, the economy and the correlation between the Chinese ETF (FXI) and Copper.
My previous post looked at falling copper prices and where Doctor Copper may be headed. Well, heading into the end of the year, an intraday BUY pattern is appearing on Copper. And based on the past blog posts, it is an important barometer for FXI and those emerging markets that are still dependent on Copper.
The areas highlighted by the light blue rectangle are the key areas for BUY patterns. If these areas fail to produce a reaction higher, then I will need to re-evaluate the pattern.
Copper Prices – 2 Hour Chart
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No position in any of the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
