Doc Copper Testing 6-Year Breakout Level
Chris Kimble | Oct 17, 2017 01:07AM ET
Doc Copper has struggled over the past 6-years, as it has created a series of lower highs since 2011. Below looks at a chart of Doc Copper over the past decade.
Doc Copper has created a series of lower highs inside of falling channel (1) since the highs back in 2011. The rally by Copper since 2016, now has it testing the top of its 6-year falling channel at (2).
If Doc Copper breaks out at (2), it would send a positive message for Copper and could well attract new buyers on the breakout.
If Doc Copper would breakout, these assets could benefit, iPath Bloomberg Copper Subindex Total Return Exp 22 Oct 2037 (NYSE:JJC), Freeport-McMoran Copper & Gold Inc (NYSE:FCX), Materials Select Sector SPDR (NYSE:XLB) and iShares US Basic Materials (NYSE:IYM).
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