I don't normally invest in metals, but I am making an exception for copper. The price of copper cannot go down in the near future for two main reasons:
1. Supply and demand
2. Inflation/Economic Strain
The supply and demand side looks like this:
There are three principle users of copper currently, they are:
Electric component/part manufacturers (think...
... most likely.
Let's reason for a second. (Despite all the noise out there.)
The title chart is the Monthly Gold/Copper Ratio, e.g. is very powerful. (It does not tend to turn on a dime!)
This has just completed the month of Jan. 2021.
1) It has finished the month by completing a Bullish Hammer, bouncing off of the (very) round number / level of 500;
Like the title says; SELL it - SHORT!
Regarding Wall Street's conviction, the "check mark shaped recovery" and other tall tales ...
.... this is the summary post.
... and here is their "Copper...
The price of E-mini Copper Futures has been recovering with incredible momentum in the last few months. There are some bearish signals though, as the RSI is indicating overbought conditions, and the 50 SMA and the 100 SMA have recently crossed under the 200 SMA. A more cautious trader would probably wait and see if the next weekly candle breaks...