The current copper setup is a steal.
Looking back we find copper price action is in a similar position to that of 2005. Overhead resistance above can give a rough estimate of a top should prices continue to break higher
The weekly MACD is almost too perfect. Suspicious maybe. Nonetheless, support is $4.00 and only a sustained break below would arrest this trend.
Target above.
The best play on Copper is SCCO - southern copper corp - nice dividend payer. For the last year SCCO looked like it could be forming a bull flag after tagging the 1.618 extension level
The 2.618 level is still the target and judging by this breakout, Copper's probationary period might be over
Looking back we find copper price action is in a similar position to that of 2005. Overhead resistance above can give a rough estimate of a top should prices continue to break higher
The weekly MACD is almost too perfect. Suspicious maybe. Nonetheless, support is $4.00 and only a sustained break below would arrest this trend.
Target above.
The best play on Copper is SCCO - southern copper corp - nice dividend payer. For the last year SCCO looked like it could be forming a bull flag after tagging the 1.618 extension level
The 2.618 level is still the target and judging by this breakout, Copper's probationary period might be over