RE:RE:RE:RE:the copper chartmetalhead666 wrote: You see what you want to see, all pattern seeking primates are hardwired to do so. Doesn't make it so. There are no magic numbers that beget other magic numbers. While speculation has a part, commodities move according to supply and demand not where the price was once upon a time
I agree to a certain extent. Commodities like copper are different than regular stocks. People buy and sell stocks based upon reason and emotions. Everyone is a speculator and no one is a consumer. Charts take into account those emotions when tryng to judge future movements.
With the exception of futures, commodities tend to be purchased for use, so supply and demand are the primary drivers. Sometimes companies stock up when prices are lower, or buy just enough when prices are higher.
Commodities futures are a different animal though. They are speculative.