Blake Morrow’s Chart of The Day – Feb 23rd 2021
COPPER
The copper market has been on a massive rally since the post COVID-19 lockdown lows last spring. The copper market has reached the 161% Fibonacci extension of the June 2018 highs to 2020 lows at 4.15 today. The RSI is above 80 (very extreme) and the DSI (daily sentiment index) hit 93 for the second day in a row. Both extremes are unsustainable near term in my experience so the risk of a move back towards the 3.80 level may be in store over the coming week(s).
