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$COPPER Moves Above, One More Time

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$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

Schnell-1

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.

Good trading,
Greg Schnell, CMT

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More
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