Dr. $COPPER made a big pullback below support. In the last day it surged above resistance.
This may have more to bounce.
Two major resource indicators turned up recently. The first I have been watching for a while, the Aussie Dollar.
Excellent positive divergence and a break above the 40 WMA.
Look at the Brazilian Stock Market.
The $BVSP has nice positive divergence on the double bottom pattern. Both of these charts, worlds apart have started rising. This is usually bullish for the metals. It might be time to pay attention to the metals market. BHP, RIO, FCX, VALE and maybe TCK.
Good trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic 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).
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