The Canadian Technician

$COPPER has Frozen. Will the Pipes Burst?

Greg Schnell | 

Copper has spent the week wobbling above this major upsloping trendline. It has fallen almost 10% since September. If this starts to split, we'll be staring at a significant downside move.

$COPPER 20121114

Copper continues to test this neckline. The major mining stocks shown below are sideways for the last 3 months at best which is slightly outperforming the metals down move.

Keep watching. Offense or Defense.... and Good Trading.

Don't forget to register for the Stockcharts University courses in Dallas, Calgary and Orlando. The link is on the right on the home page.

Greg Schnell, CMT


Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018).
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