Renowned economist and commodities expert, Patricia Mohr, recently shared her optimistic views on the surge in demand for vital metals as the world accelerates its transition towards green energy alternatives.
At the Prospectors And Developers Association of Canada (PDAC) conference, Mohr underscored her bullish sentiments towards copper and uranium, citing the crucial roles these metals play in various energy sectors, especially renewables.
With copper being a linchpin in electricity generation, Mohr forecasts a substantial price surge for this metal. She also anticipates a rise in demand for uranium, aligning with the overall trend towards cleaner energy sources.
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Delving into technical analysis, copper appears poised for an upward trajectory in the medium-to-long term, evident from its current trading pattern within a descending channel on the daily chart:
The Copper Chart: March 18 marked the initiation of copper’s descent into a channel pattern, characterized by a series of lower highs and lows. Recent data shows a lower high of $4.13 on March 21, with a subsequent lower low of $3.98.
- Thursday’s trading saw the formation of a long-legged doji candlestick on the daily chart, reflecting an intense battle between bullish and bearish forces. This pattern may signal a local peak and hint at an impending retracement.
- While descending channel formations are typically bearish in the short term, a breakout accompanied by elevated trading volume could indicate a forthcoming bullish reversal.
- Key resistance levels for copper lie at $4.13 and $4.23, with support levels at $4.02 and $3.91.
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