Change takes time and happens incrementally, which is exactly why we encourage readers to review a weekly library of charts to see change develop for themselves. Copper, for example, has effectively flat lined in a narrow range for the past year between $2.60-$2.90 per pound and rarely makes headlines. It’s a perfect time to pay closer attention.

Stepping back to look at the weekly copper chart provides an interesting perspective and it suggests to me that it just might be in the early stages of a bigger upside move for the red metal.

Why is that? Over the past 12-months, copper has traded in a narrow range that looks similar to the bottoming pattern that developed in 2016. If you recall, late 2015 through 1H16 was a time when investors were fretting about China setting off a global economic slowdown and recession concerns, only to discover that a cyclical expansion was already underway.

Today, copper is bottoming at its 4-year (200-week) moving average, which I regularly remind readers serves as an important support level near cycle lows. Secondly, weekly momentum, represented by the RSI indicator in the bottoming panel, is again turning up from near oversold levels.

To be fair, it’s early and copper will have to rally above $2.86 then $2.99 to technically confi...

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