|
Mascoutah, Illinois | My opinion based on technical analysis is copper is headed for $4.55-$4.64.
Copper topped out at $3.30 in December of 2017 and June of 2018.
It fell 38% (Fibonacci level) from $3.30 to an intraday low of $2.05 in March of 2020.
$3.30 times 1.382 (Fibonacci level) gets you to $4.56.
A breakout above the record high of $4.64 in June of 2011 leaves you with an upside target of $5.90-$6.00.
Side note: I would not be shocked to see crude above $100.00 a barrel in the next 12 months. | |
|