Doc copper is often viewed as a leading indicator for global growth.
The 200-day moving average is often viewed as the line in the sand to determine if an asset is in an up or down trend.
So the question is, is copper's ascent above its 200 DMA a good or bad sign?
Below looks at copper over the past decade with the 200 MA applied.
Copper peaked in 2011, after which it continued to create a series of lower highs and lower lows. Since 2011, each time copper has moved above its 200-MA line, it has been a time to sell the metal, as it was near a peak, inside of this uniform falling channel.
Today, copper is a small percentage above its 200 MA at (1) above. Will it be a peak again for doc copper or something different?
What copper does at (1) could send an important macro message as to whether or not its down trend will continue.