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Wednesday, April 24, 2024

Copper Follow “UP!”

Courtesy of Chris Kimble

Posted the Copper chart below on Friday morning (12/10), which reflected that Copper was working on a breakout of a 4-year resistance line. (see post here)  As can be seen in the chart below, numerous "upside wicks" took place at this line back in 2006/2008, as it failed to breakout.

 CLICK ON CHART TO ENLARGE

One day does not make a trend, yet some quality price action in Copper is taking place this morning in the chart below.

CLICK ON CHART TO ENLARGE

Copper has failed along line (1) in the top chart numerous times over the past 4 years. Yet this past Friday, Copper did have the "highest weekly close" of any time in the past four years. 

Game Plan…Will continue to "buy breakouts!"  For AGGRESSIVE INVESTORS…Buy JJC (Copper ETF) with a 6% trailing stop.

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