$COPPER is one of our best indicators of economic activity. It is usually early in bull markets and very weak when markets top.
We all know that $COPPER has been under pressure for a long time. I like to use a dashboard of world mining leaders to confirm moves in $COPPER.
Here is the chart live link. $COPPER
So almost all of these stocks that seem to be correlated to $COPPER have moved above the 10 WMA. We need to see this hold and actually make a solid push above.
We can also see $COPPER will face resistance at the $3.30 level.
But currently, it looks like things are starting to run. If we can continue to ride above the 10 WMA, this will be an attractive sector.
Greg Schnell, CMT