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Copper Could Be Forming A New Bull Market

Thursday, November 3, 2016 8:49
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(Before It's News)

copper-textures-3-1195386-639x426From Taki Tsaklanos: The copper chart is attracting our attention, and it could be setting up for an enticing investment opportunity sooner rather than later.

Copper is doing something it hasn’t done in a very long time: it is consolidating in a tight price range. Check out copper’s chart below.

The key price level to watch is $2.30, and it is only 3 percent above today’s price level.

From a secular perspective, copper’s price is clearly in a downtrend. However, this potential bottom formation, which was triggered after touching secular support early 2016, could result in a tactical bull market.

Investors should watch two important price points. First, $2.30 is important from a tactical perspective. Second, the $2.60 level is extremely important from a secular perspective.

If copper would start a tactical bull market, then our favorite play is Freeport McMoran, symbol FCX, with huge upside potential.

copper_price_november-2016

The iPath Bloomberg Copper Subindex Total Return Sub-Index ETN (NYSE:JJC) rose $0.33 (+1.31%) to $25.58 per share in Thursday afternoon trading. Year-to-date, the largest fund tied to copper prices has gained 3.81%.

This article is brought to you courtesy of Investing Haven.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)

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