Copper Suddenly Testing Six-Year Breakout Level (JJC)

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October 16, 2017 9:47am NYSE:JJC


From Chris Kimble: Doc Copper has struggled over the past six 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, JJCFCXXLB & IYM.

The iPath Bloomberg Copper Subindex Total Return Sub-Index ETN (JJC) was trading at $36.00 per share on Monday morning, up $0.26 (+0.73%). Year-to-date, JJC has gained 25.13%, versus a 15.22% 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 #25 of 129 ETFs in the Commodity ETFs category.

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

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