Copper Is Being Crushed, But Not For Long

Right now may be a good time to bet on a rally in the price of copper… [Jeff Clark's Market Minute]( Copper Is Being Crushed, But Not For Long By Jeff Clark, editor, Market Minute The price of copper has been crushed. Just two months ago, the metal was trading for $5.11 per pound. It’s now at $4.11. That’s nearly a 20% drop – in two months! This action has just about wiped out all the gains for 2024. Copper has erased the big rally that started the year. And now the bronze metal is in deeply oversold conditions. But this is the sort of rapid decline in a commodity’s price that often creates the conditions for a “snap-back” rally. So, it’s probably a good time to bet on a rally in the price of copper. Recommended Link [Legendary Investor: “The Next matter of months will be Critical for AI Stocks”]( [image]( Tom Gentile is a legendary investor who predicted the rise of Nvidia back in 2019… Giving his readers a chance to turn $10,000 into more than $320,000. You won’t believe what he’s predicting for AI stocks next. [Click here now to see this exclusive interview because the next matter of months will be critical.]( -- Copper’s Dreary Setup Most folks will probably have a tough time making that bet – because the chart looks like death. But it’s from this sort of setup that sharp, oversold bounces can occur. Here’s how copper looks right now… [(Click here to expand image)]( The price of copper rarely strays more than 10% away from its 50-day moving average (MA), represented by the blue line, before reversing back toward the line. At its high in May, copper was trading 15% above its 50-day MA. It was overbought and overextended to the upside. The chart had gone parabolic and was vulnerable to a decline. It took only two weeks for copper to “snap-back” to its 50-day MA. And, that decline has continued. On Wednesday, copper closed at $4.11 per pound. That’s 10% below its 50-day MA line. This extreme move indicates an oversold and overextended condition. All the various moving averages also expanded far away from each other. And the price of copper is approaching an “obvious” support line near $4.00 per pound. Free Trading Resources Have you checked out Jeff's free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career – at zero cost to you. Just [click here]( to check it out. So, the stage is set for another “snap-back” move – this time, to the upside. Of course, it’s not a guaranteed rally. But if copper behaves as it has during previous extreme conditions, then the metal could trade above $4.50 per pound within the next few weeks. That’s a 10% gain from the current price – which is an outstanding return if it happens within the next month or so. Best regards and good trading, [Signature] Jeff Clark Editor, Market Minute P.S. Copper may be approaching a rally, but I’m focused on the “[Blackout Window]( – a 10-day period before the FOMC announcement on July 31. Most traders trade after the announcement and base their moves on what happens to interest rates… but in reality, it’s the time before these announcements that can make or break the average investor’s retirement. Check out how we use this window to profit – over and over again, no matter what the Fed announces – [right here](. [Jeff Clark's Market Minute]( Jeff Clark Trader 55 NE 5th Avenue, Delray Beach, FL 33483 [www.jeffclarktrader.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. To stop receiving these emails, click [here](. Jeff Clark Trader welcomes your feedback and questions. But please note: The law prohibits us from giving personalized advice. To contact Customer Service, call toll free Domestic/International: 1-800-752-0820, Mon–Fri, 9am–7pm ET, or email us [here](mailto:contactus@jeffclarktrader.com). © 2024 Omnia Research, LLC. All rights reserved. Any reproduction, copying, or redistribution of our content, in whole or in part, is prohibited without written permission from Omnia Research, LLC. [Privacy Policy]( | [Terms of Use](