Doc Copper breaking out again, gains are piling up!

kimblecharting's picture

wrists breaking out rope ties chris kimble post

Ole Doc Copper has struggled since 2011, as it created a series of lower highs. Over the past 90-days, Doc Copper has experienced some impressive upside action.

Below looks at Doc Copper Futures over the past 4-years-

Copper futures weekly

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Doc Copper created a series of lower highs below line (1) over the past few years. Earlier this year it hit falling resistance again and backed off. Over the past 6-weeks, Copper has witnessed some bullish price action it hasn’t in the past few years, which is breaking above falling highs.

A few weeks ago Copper broke above falling resistance (1) and highs earlier this year at (2). The rally of late now has it testing 2015 highs at (3). A breakout above (3) would send a bullish breakout message to Copper, with the next key horizontal resistance coming into play at the $3.25 level, which was 2014 highs.

How are members playing Doc Copper strength? Buy owning Freeport McMoran (FCX). A position was taken in FCX, by PremiumMetals and Sectors members 90- days ago.

performance comparison FCX, copper, spy chris kimble post

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Doc Copper weakness over the past few years seemed to have little impact on the broad market. Will Doc Copper’s strength over the past few months and breaking above multi-year falling resistance, have a positive impact on the broad market and suggest that some economic strength is around the corner? In our humble opinion it is too early to tell. The Power of the Pattern did share that an opportunity was in play to make some decent Pocket Change 90-days ago and so far that message has not changed. as gains continue to pile up.

 

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TradingTroll's picture

Copper is rising because no one has the capital left to put new mines into production. The capital is in cryptos and unicorns.

The same fate will befall oil. Demand will drop but prices will rise. Because printing money isn't printing capital.

Silver Savior's picture

Works for me. Been getting quite a pile of scrap wire. 

Dragon HAwk's picture

My aluminum beer cans are piling up, I'll be damn if i sell at this price, Just kidding I use glass.

Silver Savior's picture

In California beer cans are about $1.70 a pound but you have to pay up front to get them lol. So you really end up neutral when you turn them in. You can make good money from other people's containers though. It amazes me how damn lazy people are. 

rbianco3's picture

Winning!

A sign of recovery- or inflation?

Juggernaut x2's picture

No, just trillions of $ of Fed-created  liquidity sloshing around the globe looking to squeeze our some yield