Copper miners not (yet) buying Copper’s bounce

As the copper price firms at its daily SMA 200 the Copper Miner ETF is still bearish

Copper price proxy CPER is bouncing at the SMA 200 (as is the metal).

But the miners are as yet having none of it. This Head & Shoulders pattern featured ramping volume into the Head and all the substantial volume since has been distribution. Not good. CPER is similar.

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