Hold your thumb and forefinger tip so close that you can barely see any light between them. The space is about as thin as the support line on the first chart and the bottoming pattern neckline on the second.
The industrial metals (including ‘Economic Doctor’ copper) are on the verge of losing support and are a non-confirmation of any strong economic near-future. Yes of course, it is because of China’s growth problems and other global issues. Will the US and newly inflationary Japan pick up the slack?
We have been noting economic strength in the US (sparked by the Semiconductor sector) but this will bear watching closely now for signs of deceleration. The industrial metals should be in higher demand if all is sustainably well.
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