Every great party is followed by a hangover; every good rally is followed by a consolidation.
Chart 1. Copper Weekly: Consolidation
Copper was a hit at the end of last year. The price has gained more than 30% at the top of $2.74 from the end of last October. And then the players started to book the profit pushing the price down to the $2.4 area. It’s wise and natural to save such an incredible gain. [Read more...]