Copper has spent the week wobbling above this major upsloping trendline. It has fallen almost 10% since September. If this starts to split, we'll be staring at a significant downside move.
Copper continues to test this neckline. The major mining stocks shown below are sideways for the last 3 months at best which is slightly outperforming the metals down move.
Keep watching. Offense or Defense.... and Good Trading.
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Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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