If The Shoe FITZ

Chart Of The Day: Heavy Metal

I have posted on a number of occasions that Copper has been trading in a very similar fashion to how in traded in 2008.
 
  1. Hits a new marginal high in in May 2008.                Hits a marginal new high in May 2024.
  2. Falls 24.6% into August 2008.                                        Falls 24.6% into August 2024.
  3. Bounces sharply (10%) from 12-21 Aug 2008.      Bounces sharply (7%) from 7-22 Aug 2024.
 
Starts a move lower that sees it fall every month into Dec 2008.
 
Support on the downside here is met at $386, $315-322 and $216
 
 

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Tom Fitzpatrick

Tom Fitzpatrick

Tom Fitzpatrick, now the Managing Director of Global Market Insights at R.J. O'Brien, offers an impressive background. Originating from Ireland, his journey began at Chase Bank of Ireland, evolving through pivotal roles in foreign exchange (FX) at HSBC and Nedbank. His expertise expanded at Citibank in various global positions, culminating as Managing Director and Global Head of the CitiFXTechnicals product, delivering award-winning analysis across multiple asset classes.
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