$COPX - SAFE HAVEN -
Added 2024-04-12 09:39:00 +0000 UTC$COPX is up +2% in the PM now which brings the price action exactly to the breakout level, which was the previous high back at the start of 2021 and 2022.
So a breakout and hold above $47.25 would be significant.
Zacks had this to say about about Copper yesterday:
'Why the Move?
Copper has been an area to watch lately, given the surge in the price of the metal. Production cut by Chinese smelters is one of the reasons behind the rally in the metal’s price. Being a crucial component of the energy transition, a global push for renewable energy has resulted in growing demand for copper, fueling the rally in its prices.
Further, the rising probability of the Fed cutting interest rates from the second half of 2024 has also brightened the prospects for the red metal.
More Gains Ahead?
COPX might continue its strong performance in the near term, with a positive weighted alpha of 26.74, which gives cues of a further rally.
Zacks Investment Research'
This aligns with our chart above, it must be noted that it is following our Silver chart perfectly too.....so selling Silver to buy Copper does not make much sense to me.
Comments
https://www.cnbc.com/2024/04/15/wall-street-bullish-on-copper-on-ai-demand-analysts-like-these-stocks.html#:~:text=one%20234%25%20upside-,Wall%20Street%20is%20bullish%20on%20copper%2C%20thanks%20to%20AI.,stocks%2C%20giving%20one%20234%25%20upside&text=Wall%20Street%20is%20getting%20very,and%20the%20artificial%20intelligence%20boom.
Mark
2024-04-15 00:05:23 +0000 UTCWas late on Gold but now DCA-ing everyday with both Silver & Copper :D
Dillon Lay
2024-04-12 09:53:11 +0000 UTC
