The world’s pivot toward sustainable energy solutions gains momentum, propelling economist and ex-Scotiabank vice president Patricia Mohr to foresee a renaissance of sorts for essential metals.
During her address at the recent Prospectors And Developers Association of Canada (PDAC) gathering, Mohr vocalized her enthusiasm for copper and uranium, citing their potential for an upswing.
Copper, crucial in power generation for varied energy domains like renewables, drew Mohr’s optimism for a pronounced price hike. She also championed uranium, foreseeing heightened demand for this metal.
For further insights: China Sanctions Largest Copper Mine Globally in Overtake-American Pursuit
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On the copper front, technical scrutiny hints at an upsurge in the commodity’s trajectory over the medium-to-long term, emphasized by its descent channel pattern on the daily chart:
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Copper Insights: Initiating a descent channel trend on March 18, copper has since displayed a sequence of lower highs and lows within this pattern. Notably, the latest lower high hit $4.13 on March 21, with Wednesday witnessing a low at $3.98.
- Shows of Thursday indicated a potential long-legged doji formation on the daily chart, portraying a standoff between bullish and bearish forces, possibly signaling a peak and an impending retreat. Supposing this scenario unfolds, Thursday’s peak could be the forthcoming lower high among the downtrend.
- Descending channels typically spell short-term bearish outlooks but hold potential for future bullish reversals. Breaking out of a descending channel with robust volume can indicate a looming long-term upswing.
- Notable resistance marks for copper stand at $4.13 and $4.23, with support levels pegged at $4.02 and $3.91.
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