Looming Shortage Could Send Copper Prices Up 100 %
If you are still bearish on copper prices, it may be time to pause and reflect. If you look closely, copper is setting up to skyrocket in the long-term and for patient investors, gains could be exponential.
We are already seeing investors rushing to buy the red metal. Please look at the chart below that shows daily copper prices and pay close attention to the blue line.
he blue line on the copper prices chart represents the 50-day moving average. The price has remained above this moving average the longest in the last year. What does it mean? At the very core, it suggests that the short-term trend is turning in favor of those who are bullish. With this, understand that as the short-term trend remains in favor of the bulls, we could see more buyers come in.
Also, notice something interesting on the chart above? As the copper prices have increased, volume has relatively increased as well. This means there’s excited buying, and this move to the upside isn’t based on just shorts covering.