Global X Copper Miners (NYSE:COPX), the copper miners ETF, has finally made it back up to the top rail of an expanding flat top triangle which is consolidating the June rally. The 20 day ema has just crossed back above the 50 day ema which is giving us a buy signal.
The weekly chart shows the expanding flat top triangle is forming just below a thee plus year double H&S bottom.
Below is the monthly chart for perspective. For those that want to start a position or want to add to your initial position, wait for the breakout which will take out two important trendlines at the same time.
COPX has been somewhat weaker than the other stocks in this category that have already broken out above their neckline so it may play catch-up for awhile. Keep in mind this is a large base and should produce a big move when all is said and done.
