Profile image
By ETF Daily News (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Copper’s Long-Term Chart Looks Spectacularly Bullish

Thursday, January 12, 2017 4:57
% of readers think this story is Fact. Add your two cents.

Headline: Bitcoin & Blockchain Searches Exceed Trump! Blockchain Stocks Are Next!

From Taki Tsaklanos: Copper prices were very bullish in the last 2 months of last year. We covered the copper market extensively since then, and our observation was that the copper market needed a bit of time to choose a direction (higher or lower).

Our viewpoint was that the price of copper should remain at least one week above $2.60 in order to call for a new bull market. We made that statement in December, in this article The Copper Market: Moment Of Truth For Investors. We are following up on that call in this article, with the same but actualized version of the chart.

The copper price chart looks special to say the least. We would say it looks spectacular. Why? After a retracement until around the price level we forecasted (slightly above $2.40), the price of copper is now trending higher … and it is again attempting to break outside of its bearish trend. The chart below makes the point.

We remain firm on our call that the copper price should remain at least one week above today’s price level. Also, the copper price behavior around its December top ($2.80) will be very telling.

If copper enters a new bull market, we expect to see a very sharp and aggressive rise in copper in the first months of 2017.

copper price chart

The iPath Bloomberg Copper Subindex Total Return Sub-Index ETN (NYSE:JJC) was unchanged in premarket trading Thursday. Year-to-date, JJC has gained 4.14%, versus a 1.60% rise in the benchmark S&P 500 index during the same period.

JJC currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #49 of 123 ETFs in the Commodity ETFs category.


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)



Source: http://etfdailynews.com/2017/01/12/coppers-long-term-chart-looks-spectacularly-bullish/

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.