Major New Upleg Starting in Copper?
Technical Analyst Clive Maund shares an update where he explains why now is a great time to buy all things copper.
Copper looks ready for its next big runup, which could be massive. It has been performing very well indeed technically, as we can see on its latest 6-month chart below.
We turned bullish on it a little early a few weeks back at the time when it was at the Left Shoulder low of what has turned out to be a fine small Head-and-Shoulders bottom after such a heavy correction, it was entitled to spend some time forming an intermediate reversal pattern.
That it has done, and as we can see on the chart, it is now complete and according to Bloomberg yesterday morning, copper is now starting to break out, both from the H&S bottom and from the corrective downtrend, which at this point are coincident.
THIS THEREFORE IS A GOOD POINT TO BUY COPPER AND ALL THINGS COPPER.
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Clivemaund.com Disclosures
The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be construed as a recommendation or solicitation to buy and sell securities.