Much like the Industrial Metals in general, the copper miners (COPX) are in a post-2015 uptrend. That uptrend can break at any time but the trend being the trend, if you are a copper or industrial metals (or inflationary economy) bull, I thought I’d present this view of COPX in a Symmetrical Triangle.
It can be used 2 ways.
- For someone holding due to the uptrend (the daily chart below is testing the SMA 200) a loss of the SMA 200 would be a warning and then a lower low to March would be be a flat out bearish signal.
- For someone bullish on the sector and wanting to gain entry, this is a buying opportunity, with the parameters noted above used as caution and/or stop loss points.
Personally, I don’t think I am going to deal with COPX (it is a low volume ETF) but will use its technical status as a gauge on whether or not to re-enter the Industrial Metals sector while evaluating the inflation/disinflation backdrop as bonds bounce (yields drop from our long-term limiters).
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 your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason), 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.