With Copper rising above the converged 50 and 200 day SMA’s (around 3.18/lb) and with commodities in general at do-or-die support, I wanted to put up a chart of COPX for future reference for you copper/base metals aficionados.
If said trade activates, interest here could indeed be for a trade only (and is pending Copper remaining constructive, generally above 3.18/lb) because copper is nowhere near out of the bearish woods on the bigger picture charts we follow (and will continue to follow). But for those bullish the red metal for their own fundamental reasons (US economy, China growth, warehouse stores… what have you), the chart below offers a guide on the miners.
Look for an over sold RSI similar to June and December of 2013 and a hold (generally speaking) of the support zone spanning from the mid to high 9’s.
Buy Target: Mid-high 9’s with RSI over sold
Sell Target: 11.50 to 12 (measured target)
Stop Loss: Below SMA 200, currently mid-9’s or as suits individual risk tolerance
I remind you that NFTRH+ updates are just trade setup ideas, which may not be revisited as the parameters are already noted. They are meant as a starting point for further research if interested.
