Don't Ignore This Chart!

Copper Pipe Is Failing - Don't Get Flooded!

Greg Schnell

Greg Schnell

Chief Technical Analyst, Osprey Strategic

Copper continues to be an indicator of global macro trends. Like a bad movie, the plot keeps getting worse.

Below is a chart of the big miners going back to November 2018. There's no magic reason for selecting that date other than it was 200 days ago. Notice how the Australian companies (BHP and RIO) have dropped recently, pulling back as to be nearly unchanged, but the other three are getting taken out to the woodshed.

These charts could get a V-bottom on a trade deal, but that doesn't appear to be in the charts yet. Stay cautious on the industrial metals-related trades.

Good trading,
Greg Schnell, CMT, MFTA
Senior Technical Analyst, StockCharts.com
Author, Stock Charts For Dummies


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Greg Schnell
About the author: , CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More