NFTRH+; Industrial Metals Miners Breaking Out

Another NFTRH+ update sent to the entire list because it works as a macro update as well. A reminder that all subscribers can access NFTRH+ posts at the website at any time. Email opt-in is for those who would like them sent manually by email as well (there is a separate email signup at the site to receive all emails, public and subscriber-only).

We have noted (most recently in NFTRH 478) that the GYX Industrial Metals index has, despite recent consolidation, maintained a bullish objective to 440 or so. Here again is the monthly chart.


We also have noted copper miner FCX’s potential first, and then bullish move over the last 2 weeks. Yesterday it poked above lateral resistance.


RIO has been the chart I’ve liked best from a long-term perspective, but have been waiting to see what the rounding consolidation does (break upward or head down for a test of the (green) neckline. Yesterday it made a break upward. If this holds up the implication is sooner rather than later for a new leg up.


The monthly chart shows RIO right at long-term lateral resistance. If the thing on the weekly chart above is real and does precede a new high, it would put RIO through this resistance.

BHP is poking its head above a trend line.


Finally, the XME Metals & Mining ETF is breaking above a trend line this week with an implication of new highs if the break holds.


Aside from FCX, which is its own animal, the other miner items have some version of the Inverted H&S that is apparent on the Metals index (GYX). If these breakouts hold, and if the market is willing the patterns would target significantly higher levels (ref. chart 1).

A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for further research if interested. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.