One of the more noteworthy developments in recent days has been the move in copper stocks. After a strong run of outperformance in late September, the Global X Copper Miners ETF (COPX) peaked at 27.39 last week and trended steadily lower as traders justify the underlying valuations. Nonetheless, COPX soared more than 31 percent YTD, outperformed the S&P. Now the question is whether recent pullback is a pause that refreshes or it’s a beginning of something worse? Below is an update look at a trade in the 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 (daily)
Our “U.S. Market Trading Map” painted COPX bars in red (sell). There is a distinct possibility that COPX had developed a top up trend reversal pattern, or double top pattern in other words. The development time is about 2 months and the height of the pattern is small. These features suggested…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.
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