Copper has retreated to the uptrend that began more than a year ago. It’s typical for a chart to break out of a wedge and then retest the old levels like we see on the daily copper chart.
The last time I wrote about copper was Oct 22 as it flashed warnings about the global economy. That day market the high water mark in a number of risk assets, including EUR/JPY.
Overall, several assets are showing early signs of a turnaround today and copper is often among the first to turn. That said, if the uptrend support breaks, it may be time to reevaluate.
