Copper looks ready for its next big runup, which could be massive. It has been performing very well indeed technically, as we can see on its latest 6-month chart below.
We turned bullish on it a little early a few weeks back at the time when it was at the Left Shoulder low of what has turned out to be a fine small Head-and-Shoulders bottom — after such a heavy correction, it was entitled to spend some time forming an intermediate reversal pattern.
That it has done, and as we can see on the chart, it is now complete — and according to Bloomberg yesterday morning, copper is now starting to break out, both from the H&S bottom and from the corrective downtrend, which at this point are coincident.
Free Reports:
THIS THEREFORE IS A GOOD POINT TO BUY COPPER AND ALL THINGS COPPER.
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The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks cannot be construed as a recommendation or solicitation to buy and sell securities.