Don't Ignore This Chart!

Copper Pipe Is Failing - Don't Get Flooded!

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Copper continues to be an indicator of global macro trends. Like a bad movie, the plot keeps getting worse.

Below is a chart of the big miners going back to November 2018. There's no magic reason for selecting that date other than it was 200 days ago. Notice how the Australian companies (BHP and RIO) have dropped recently, pulling back as to be nearly unchanged, but the other three are getting taken out to the woodshed.

These charts could get a V-bottom on a trade deal, but that doesn't appear to be in the charts yet. Stay cautious on the industrial metals-related trades.

Good trading,
Greg Schnell, CMT, MFTA
Senior Technical Analyst, StockCharts.com
Author, Stock Charts For Dummies


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Announcement from the Author

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com 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 an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).

Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018). Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs. Learn More
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