Chart of the Day - Tuesday, June 15th, 2021
June 15, 2021
Today’s Chart of the Day was shared by David Rath (@DJwrath). It's a daily candlestick chart of Copper futures since the start of the pandemic. Copper has been on an incredible run for more than a year now. But that relentless rally is in jeopardy. As David notes, Copper decisively broke below its uptrend line in today's session. So, why do we care that this metal is breaking down? Due to Copper's numerous industrial uses, it is often viewed as a leading indicator for economic growth and the stock market. Seeing it break down like this, doesn't exactly inspire confidence in the bull case.