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Copper Bulls Are Everywhere: Bad News For The Metal?

Published 01/03/2018, 11:32 AM
Updated 07/09/2023, 06:31 AM

Ole Doc Copper has done well over the past two years and is up over 50%. Since 2011, the total returns for copper aren’t so bullish. The metal's rally over the past 24 months has caused a majority of investors to become bullish (highest percentage of bulls in 6 years). Below looks at sentiment for copper from Sentimentrader.com.

Copper Sentiment

Copper's bullish sentiment is now near 80%. The last time that many investors were bullish copper was near the highs back in 2011.

Below looks at copper's updated pattern.

Copper

No doubt the trend in copper over the past two years has been higher. With bullish sentiment toward copper at its highest level in 6 years, Doc Copper bulls do NOT want to see selling pressure/reversal patterns happen at (1).

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