A new day, a new Bear P seems to be the beat of the commodity drum in looking at the chart of copper.
It’s really the Bear Pennant prior to the new one that needs to be paid attention to the most considering its target of $3.04/lb on confirmation of $3.43/lb, but this baby Bear P supports the bigger one with a target of $3.25/lb on confirmation of $3.39/lb and it remains good below $3.47/lb while the larger pattern is valid below $3.55/lb.
Put otherwise, copper’s chart is growing increasingly more bearish and something that does not bode well for the risk-on trade with copper’s newest Bear P standing by to probably prove this point.