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