If the inflation play holds up through the current short-term (ref. this morning’s update) pullback copper stocks should again get bulled. As an example, FCX is pulling back hard, possibly providing a coming opportunity at or just below its SMA 50.
But this update focuses on one small copper prospector that I’ve had a casual eye on and seems to be followed by a number of people in the subscriber base. So let’s check out the chart, which is looking pretty interesting.
Daily TMQ is trying to turn its 50 and 200 day moving average trends up. I’d like to see it hold the gold dotted EMA 20 in that pursuit if the pattern is going to stay neat.
Weekly TMQ shows this little feller knocking at the door of a trend line breakout.
TMQ has not really been in step with the copper stock sector but as the sector gets roughed up here in the short-term this one is hanging tough. Trend lines are not the be all, end all. But a breakout here along with a recovering industrial metals sector could provide good results.
Obviously, I am just putting up technicals and counting on those familiar with and interested in the stock to have their fundamentals in line. Technically, a reasonable target off this situation would be in the 2.50 to 2.60 area.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates 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) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.