Chart of the Day - Friday, July 22nd, 2022
July 22, 2022
Today’s Chart of the Day was shared by Jay Kaeppel (@jaykaeppel). It's a chart of Copper over the past five years, with its seasonal pattern below. Copper has lost a third of its value in the past year, and it's now testing crucial support around 3.30. One would expect at least a bounce at this level, but Jay points out that Copper seasonality tends to peak around this time of year. As we know, Copper is perceived as a leading indicator for both the stock market and the economy. Will Copper bounce at key support? Or, will it follow its seasonal pattern lower from here?