Per yesterday’s Trade Log, Copper Miners ETF COPX was added. Here is the technical rationale, which is getting some follow-through today.
COPX had been working on resistance at the SMA 200 and yesterday it took that out in an initial move. It is important that today (and beyond) follows through to avoid another in a long line of whipsaws. So far, so good. Copper and copper miners are headline items in the ‘inflation trades’.
Today I added an individual miner to go along with COPX. CPPMF (CMMC.TO) is still dealing with its SMA 200 and a downtrend channel. Obviously, I like the look of COPX better and frankly, would more readily recommend that for a would-be copper bull than an individual situation like this. But CPPMF’s RSI has gone positive and MACD is triggered. As yet it’s more hunch than anything but an eventual take out of the moving averages and break of the channel could imply a new high.
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.