Copper is taking the lead of gold pushing out of a triangle, one of the highest-probability price patterns IMO #fairleadstrategies pic.twitter.com/GWbrts7mpg
— Katie Stockton, CMT (@StocktonKatie) March 3, 2022
Today’s Chart of the Day was shared by Katie Stockton (@StocktonKatie). It’s a daily line chart of Copper futures over the past two years. Commodities are on track for their best week since 1974, and Copper just joined the party fashionably late. The red metal broke out to an all-time high today for the first time since last May. Katie points out that it’s clearly resolving higher out of a 10-month triangle consolidation. It’s also breaking out on a longer-term time frame, having formed a massive base over the past decade. Keep an eye on Copper here as it’s breaking out across multiple time frames, after doing nothing for nearly a year.