With Everyone Bullish On Copper, More Gains Could Be Hard To Come By (JJC)

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January 4, 2018 6:08am NYSE:JJC


From Chris Kimble: Ole Doc Copper has done well over the past two years, as it is up over 50%. Since 2011, the total returns for Copper aren’t so bullish.

The rally in Copper over the past 24 months has caused a majority of investors to become bullish (highest percentage of bulls in 6-years). Below looks at sentiment for Copper fromĀ Sentimentrader.com:

Bullish sentiment towards Doc Copper is now near 80%. The last time this percentage of investors were bullish Copper was near the highs back in 2011.

Below looks at an update of the pattern for Doc Copper:

No doubt the trend in Doc Copper over the past two years remains higher. With bullish sentiment towards Copper at the highest levels in 6-years, Doc Copper bulls would NOT want to see selling pressure/reversal patterns take place at (1).

The iPath Bloomberg Copper Subindex Total Return Sub-Index ETN (JJC) was unchanged in premarket trading Thursday. Year-to-date, JJC has declined -1.20%, versus a 1.35% 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 #34 of 129 ETFs in the Commodity ETFs category.

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

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