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Doc Copper Works On Multi-Year Breakout

Published 07/17/2017, 10:47 AM
Updated 07/09/2023, 06:31 AM

Ole Doc Copper has had its head in the sand over the past 6 years, creating lower highs since 2011. During the last three years it also has created another series of lower highs as seen in the chart below. Copper could be trying to do something it hasn’t done in years.

Weekly Copper

A breakout attempt could be in play this week, as copper tests falling resistance line (1) at (2). A breakout here and above highs hit earlier this year would send a bullish message for copper.

The metal can be played in a few ways, with our favorite being Freeport McMoran (NYSE:FCX). Below looks at FCX's performance since our members bought the ETF on May 19.

Freeport McMoran (black), SPX And Miners

Over the past 60 days (since FCX) was purchased, it has gained nearly 7% more than the S&P 500 and 13% more than Gold mining ETF GDX.

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