I'm agnostic on copper miners at the moment. There are great buys if copper breaks out. I have my eye on a few stocks that I would immediately buy on a breakout. It would also be highly bullish for gold if copper failed, and uultimately more bullish for copper longer-term because of the response will be currency debasement. I'd be happy to buy at new panic lows if that is offered.
2020-11-10
Copper Repelled Again
A break of $3.21 needed for a bullish resolution in the short-term. While the chart looks increasingly bullish, I see downside risk because if copper falls below $2.92, not an impossible move given the volatility, that would take out all four trendlines I have drawn. If I go out in time, three of the trendlines are rising or horizontal, the other is downsloping. A drop below $2.90 by July would also break the down sloping former resistance. Copper has plenty of time to resolve badly for itself and more importantly, the global economy.
No comments:
Post a Comment