Is copper about to ends its nine-year bear market? I suspect we will find out the answer to the question very soon.
Copper, which I refer to as 'Doc Copper,' has created a series of higher lows inside the falling channel (1) since it peaked back in 2011.
The rally from the lows in March of this year, has Doc Copper testing the top of its falling channel as well as a support/resistance price zone at (2).
With Doc Copper still in a bear market (lower highs for nine years), this price test comes into play as important resistance at (2).
If Doc Copper breaks out at (2), it would send a positive message about the health of the global economy.
If Doc Copper peaks and starts selling off at (2), it would suggest that a bear market peak is in play again.
Keep a close eye on Doc Copper over the next six weeks as it most likely will send investors an important macro message.