Copper Might Finally Be Breaking Out Of Its Long Slump (JJC)

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July 17, 2017 11:36am NYSE:JJC

From Chris Kimble: Ole Doc Copper has had its head in the sand over the past 6-years, creating lower highs since 2011.

Over the past three years it also has created another series of lower highs reflected in the chart below. Doc Copper could be attempting to do something it hasn’t for years in the chart below.

A breakout attempt could be in play this week, as Doc Copper is testing falling resistance line (1) at (2). A breakout here and above highs hit earlier this year, would send bullish message to Copper.

Copper can be played in a few ways, with our favorite being Freeport McMoran (FCX). Below looks at the performance of FCX since Premium & Metals Members bought FCX on May 19th.

Over the past 60-days (since FCX) was purchased it is gained nearly 7% more than the S&P 500 and 13% more than Gold miners GDX.

The iPath Bloomberg Copper Subindex Total Return Sub-Index ETN (NYSE:JJC) was trading at $31.07 per share on Monday morning, up $0.49 (+1.60%). Year-to-date, JJC has gained 7.99%, versus a 9.94% rise in the benchmark S&P 500 index during the same period.

JJC currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #15 of 130 ETFs in the Commodity ETFs category.

This article is brought to you courtesy of Kimble Charting Solutions.

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