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One of the more noteworthy developments in recent days has been the move in copper.  Copper futures leapt to three-and-a-half-year peaks on Wednesday after a jump in China’s imports of the metal in November boosted expectations of stronger demand from the top consumer.  The Global X Copper Miners ETF (COPX) jumped 2.16 percent to 27.36, bringing its YTD gains to nearly 40 percent, outperformed the S&P by a wide margin.  Now the question is whether the rally has more legs?  Below is an update look at a trade in COPX.

The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges.  As shown, the underlying is in a short-term bullish trend when the price bars are painted in green.  The underlying is in a short-term bearish trend when the price bars are painted in red. 

Chart 1.1 – Global X Copper Miners ETF (weekly)

Our “U.S. Market Trading Map” painted COPX bar in green (buy) – see area ‘A’ in the chart. COPX rebounded nicely after the early October pullback found support near the 50-week moving average.  That level roughly corresponds with the 61.8% Fibonacci retracement of the 2014 to 2016 downswing.  This week’s rally pushed the ETF up against the upper boundary of the 4-month sideways trading range.  The fact that COPX had retraced more than 61.8% of its prior downswing…Click here to read more.

You see, our trend-following system is very unique as it attempts to pick turns before others see them. Timing is everything and if you’ve applied our system correctly, you should have made a killing in any markets.

 

This is just an example of many successful trades that our member had enjoyed recently. After all, aren’t you glad you subscribed?

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